Egypt’s Ministry of Petroleum and Mineral Resources (MoPMR) announced that Italian energy company Eni and French energy partner TotalEnergies have reached a Final Investment Decision (FID) for the Cronos project, a significant undertaking in deep waters offshore Cyprus. The Cronos field FID represents a substantial commitment to developing gas resources in the Eastern Mediterranean region, with initial production targeted for 2028.
Project Overview and Resource Assessment
The Cronos field, located in Block 6, contains more than 3 trillion cubic feet (tcf) of gas initially in place (GIIP). The Cyprus gas production initiative is designed to extract and process these reserves through a coordinated development strategy. Production capacity is anticipated to reach 500 million cubic feet per day (mmcf/d), translating to approximately 2.8 million tons per year (mmt/y) of liquefied natural gas (LNG).
Block 6 operations are managed by Eni, which holds a 50% interest in the project, with TotalEnergies serving as the project partner. The Cronos gas field was initially discovered in 2022, followed by successful appraisal activities completed in 2024.
Development Infrastructure and Production Framework
The field development plan incorporates four subsea wells designed to extract gas from the offshore reservoirs. Rather than constructing new processing infrastructure, the project leverages existing facilities in the region. Produced gas will be transported and processed at the Zohr facilities located in Egypt, consolidated with other regional production, and subsequently transferred to the Damietta LNG plant for liquefaction and export.
Regional Cooperation and Commercial Framework
The Cronos field FID followed commercial agreements finalized in October 2025 between Egypt and Cyprus authorities. Several key agreements support the project structure:
- A Handling, Transportation and Processing Agreement (HTPA) between Eni, TotalEnergies, the Egyptian Natural Gas Holding Company (EGAS), IEOC (Eni’s Egypt subsidiary), and Petrobel
- A tolling contract between Eni, TotalEnergies and Damietta LNG export facility
- A tariff agreement between Block 6 partners and Egypt’s Ministry of Petroleum and Mineral Resources
Reflecting on the Cronos field FID, Karim Badawi, Minister of Petroleum and Mineral Resources, said, “The Cronos project’s final investment decision is not merely a step toward gas field development, but an international endorsement of Egypt’s strategy to leverage infrastructure and transform resources into shared economic value. What we are witnessing today is a practical translation of the state’s vision to make Egypt a major energy hub in the Eastern Mediterranean and a reliable partner in supporting global energy security.”
Eni CEO Claudio Descalzi commented, “Cronos fast-track initiative marks a concrete milestone in positioning Cyprus as a European gas producer and exporter, and it unlocks the establishment of a regional gas hub in the Eastern Mediterranean by leveraging Egypt’s existing hydrocarbon infrastructure. It is furthermore an example of international cooperation and a concrete contribution to the diversification and security of Europe’s gas supply.”
