Eni and TotalEnergies Give Green Light for Cyprus' Cronos Gas Project
Eni and TotalEnergies have taken a final investment decision (FID) on the Cronos gas project off the coast of Cyprus, a unique trans-boundary subsea tieback crossing two EEZs - and they plan to develop it by 2028.
Cronos is Eni's first project in Cypriot waters to get the green light for production. It has an estimated three trillion feet of gas, and is expected to reach a rate of production of about 500 million standard cubic feet per day.
The development plan calls for four subsea wells at a location about 90 nm to the southwest of Cyprus. The wells will connect by pipeline to the nearby Zohr field, on the Egyptian side of the EEZ boundary, where the gas will be piped southwards for processing and liquefaction at the Damietta LNG terminal.
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Damietta (SEGAS LNG) closed down for lack of gas from 2013-2021 and has run intermittently since 2023, as Egyptian domestic demand has been regularly exceeding available supply for exports. Under an agreement signed last year, the Damietta plant will be restarted with gas from Cronos, which should supply enough to support about 2.8 million tonnes per annum of LNG export capacity. It is geographically well situated to serve the European market.
"This new gas route in the Mediterranean will contribute to Europe’s energy security by diversifying its LNG supply sources. By relying on existing gas processing capacities, this project is aligned with our strategy of prioritizing low-cost and low-emission projects," said TotalEnergies CEO Patrick Pouyanné in a statement.
