(WO) — Eni and TotalEnergies have reached a final investment decision (FID) to develop the Cronos gas field offshore Cyprus, advancing the country's first natural gas project and establishing a new LNG export route from the Eastern Mediterranean to European markets.

Eni, which operates Block 6 with a 50% interest alongside TotalEnergies (50%), said the deepwater Cronos field contains more than 3 Tcf of gas initially in place. The development will include four subsea wells, with production expected to reach a plateau of approximately 500 MMcfd.

Gas from the field will be transported to Egypt through existing offshore infrastructure, including the Zohr facilities, before being liquefied at the Damietta LNG plant for export to international markets, primarily Europe. Production is scheduled to begin in 2028.

According to the partners, the project will leverage existing infrastructure in Egypt to reduce development costs, accelerate first gas and lower the project's environmental footprint. Commercial agreements covering gas transportation, processing, LNG liquefaction and marketing provide the framework for project execution.

"Cronos' fast-track initiative marks a concrete milestone in positioning Cyprus as a European gas producer and exporter and unlocks the establishment of a regional gas hub in the Eastern Mediterranean by leveraging Egypt's existing hydrocarbon infrastructure," said Eni CEO Claudio Descalzi. "It is furthermore an example of international cooperation and a concrete contribution to the diversification and security of Europe's gas supply."

"We are delighted to launch this new project alongside Eni, with the support of the Cypriot and Egyptian governments," added TotalEnergies Chairman and CEO Patrick Pouyanné. "The first gas project developed in Cyprus, Cronos is developing a new regional gas hub in the Eastern Mediterranean, building on Egypt's infrastructure."

The Cronos development is Eni's first project in Cyprus and represents the country's inaugural hydrocarbon development. The partners said the project could also support future commercialization of additional gas resources in Block 6 through future appraisal and development activities.