The project will bring to production the gas volumes from the Cronos field, in Block 6, which holds more than 3 Tcf of gas initially in place (GIIP). Production is expected to reach a plateau of 500 mmscf/d; gas will be transported and processed in existing Zohr facilities in Egypt, then transferred and liquefied in the Damietta LNG plant for export as LNG to international markets, primarily Europe.
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.”
“We are pleased to launch this new project alongside Eni, with the support of the Cypriot and Egyptian governments. As Cyprus’ first gas development project, Cronos will support the development of a new regional gas hub in the Eastern Mediterranean, leveraging Egypt’s infrastructure. This new gas route in the Mediterranean will contribute to Europe’s energy security by diversifying its LNG supply sources,” said Patrick Pouyanné, Chairman and Chief Executive Officer of TotalEnergies. “By relying on existing gas processing capacities, this project is aligned with our strategy of prioritizing low-cost and low-emission projects. Cronos will also contribute to the growth of TotalEnergies’ LNG portfolio, which is expected to reach 60 Mtpa by 2030.”
Cronos is Eni’s first development in Cyprus and the country’s inaugural hydrocarbon project. It is a successful example of an integrated approach that leverages synergies between new and existing infrastructure within a single development, enabling significant cost efficiencies, minimized environmental impact, and accelerated time to market. Cronos enables the restart of the Damietta LNG plant, will restore structural LNG exports from Egypt, and represents an important milestone in the expansion of Eni’s global LNG portfolio. Through the marketing of 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 contractual agreements establish the terms for the use of Egypt’s existing infrastructure, including the Zohr facilities and the Damietta LNG plant, as well as the LNG commercialization, providing the foundation for the timely execution of the project.
