Michael Damianou: "Historic Milestone for Cyprus" – "We Are Entering the Commercial Exploitation of Natural Gas"
"Green Light" From Eni and Totalenergies for the "Cronos" Discovery.
Minister of Energy Michael Damianou described the announcement regarding the Final Investment Decision taken by the Eni and TotalEnergies consortium for the development of the "Cronos" natural gas discovery in Block 6 of the Exclusive Economic Zone of the Republic of Cyprus as a historic milestone for the Republic of Cyprus in statements to CNA.
The Minister, after congratulating Eni and Total on the final investment decision, said that "this is a historic milestone for the Republic of Cyprus because we are entering at this moment into the commercial exploitation of Cypriot natural gas discoveries."
The project, he said, concerns three trillion cubic feet and will proceed via the Zohr field toward Damietta in Egypt.
"The final investment decision means that the consortium is now moving forward with the development of the field, which is particularly joyful news because it means that within 2028, as we have said previously, during the first half of 2028, we expect to have first gas from Cronos," he stressed.
Mr. Damianou also noted that this development "confirms the energy policy of the Republic of Cyprus to utilize its own hydrocarbons, always based on the reliability of our partners and the companies holding rights in the EEZ."
Furthermore, according to a Ministry announcement, leveraging existing infrastructure in the region allows for faster and more cost-effective project development while simultaneously reducing its environmental footprint.
In addition, the Ministry states, the development of the "Cronos" discovery highlights the strategic importance of the Eastern Mediterranean as an energy hub and contributes to broader efforts for supply source diversification and strengthening Europe's energy security.
The Ministry of Energy, Commerce and Industry acknowledges the significant contribution of Eni and TotalEnergies in advancing the project and will continue to work with consistency and responsibility, in cooperation with licensed companies and all involved partners, for the timely and effective exploitation of the Republic of Cyprus's energy resources for the benefit of the country and its citizens, the Ministry concludes.
