ENI: Arrival of Natural Gas in 2028 – Final Investment Decision
Natural Gas Will Be Transported and Processed at the Existing Zohr Facilities in Egypt.
Eni has announced a short while ago its final investment decision for Cyprus's Cronos project to develop the Cronos field in deep waters offshore Cyprus, with the goal of bringing the first Cypriot natural gas to market in 2028.
The project, which is operated by Eni, will bring into production natural gas volumes from the Cronos field in Block 6, which initially holds more than three trillion cubic feet of gas-in-place (GIIP).
Production is expected to reach a plateau of 500 million cubic feet per day.
The natural gas will be transported and processed at existing Zohr facilities in Egypt, then transported and liquefied at the Damietta LNG plant for export as LNG to international markets, primarily in Europe.
Eni CEO Claudio Descalzi commented: "The fast-track Cronos initiative marks a concrete milestone in positioning Cyprus as a European producer and exporter of natural gas and unlocks the creation of a regional gas hub in the Eastern Mediterranean by leveraging Egypt’s existing hydrocarbon infrastructure. Furthermore, it serves as an example of international cooperation and a concrete contribution to the diversification and security of Europe's gas supply."
Cronos is Eni's first development in Cyprus and the country's first hydrocarbon project. It represents a successful example of an integrated approach that leverages synergies between new and existing infrastructure in a single development, enabling significant cost efficiency, minimizing environmental impact, and accelerating time to market.
Cronos enables the restart of the Damietta LNG plant, will restore structural LNG exports from Egypt, and represents a major milestone in expanding Eni's global LNG portfolio.
By off-taking 50% of the LNG volumes, equivalent to 1.4 MTPA, Eni will increase its contracted LNG portfolio, supporting its strategic ambition to exceed 20 MTPA by 2030.
The project's commercial agreements define the terms of use for Egypt's existing infrastructure, including the Zohr facilities and the Damietta LNG plant, as well as the commercialization of the LNG, laying the groundwork for timely project execution.
Eni has been present in Cyprus since 2013. Block 6 is operated by Eni with a 50% stake, alongside TotalEnergies as a partner.
In Cyprus, Eni also operates Block 8 and holds participating interests in Blocks 7 and 11, which are operated by TotalEnergies.
