Eni to develop Cyprus’s Cronos gas field, targets first output in 2028

Economy Egyptnatural gasTop News Eni to develop Cyprus’s Cronos gas field, targets first output in 2028 Eni Kronos 1536x1024 Relevant News On this day: Austria-Hungary declared war on Serbia after Archduke Franz Ferdinand’s assassination, in 1914 28 July 2026 Eni to develop Cyprus’s Cronos gas field, targets first output in 2028 28 July 2026 Guterres says “I will do everything in my power” for Cyprus problem 28 July 2026 newsroom 28 July 2026 FacebookXWhatsAppEmailPrintViber Italian energy company Eni has given the final go-ahead to develop the Cronos gas field off the coast of Cyprus, the company said, with the aim of bringing Cyprus’s first gas to market in 2028. The project will be run by Eni and will produce gas from the Cronos field, located in an area known as Block 6. The field is estimated to hold more than 3 trillion cubic feet of gas. Once up and running, production is expected to reach 500 million standard cubic feet of gas per day. Rather than building new infrastructure from scratch, the gas will be sent to Egypt, where it will be processed at Eni’s existing Zohr gas facilities. From there, it will be turned into liquefied natural gas (LNG) at the Damietta LNG plant, ready for export, mainly to European markets. Eni CEO Claudio Descalzi said: “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.” Cronos is Eni’s first project in Cyprus and the country’s first-ever hydrocarbon development. The company said the project shows how new and existing infrastructure can be combined efficiently, cutting costs, reducing environmental impact and getting gas to market faster than building everything from the ground up. Eni said the project will also help restart the Damietta LNG plant and bring back Egypt’s role as a steady LNG exporter. The company plans to sell half of the LNG produced, around 1.4 million tonnes a year, as part of its wider goal of growing its global LNG business to more than 20 million tonnes a year by 2030. The agreements behind the project set out how Egypt’s existing facilities, including Zohr and Damietta, will be used, as well as how the LNG will be sold, laying the groundwork for the project to move ahead on schedule. Eni has operated in Cyprus since 2013. It holds a 50% stake in Block 6, alongside partner TotalEnergies. Eni also runs a separate licence, Block 8, in Cyprus, and holds stakes in two more blocks, 7 and 11, which are operated by TotalEnergies. Subscribe to our Newsletter Latest News On this day: Austria-Hungary declared war on Serbia after Archduke Franz Ferdinand’s assassination, in 1914 Guterres says “I will do everything in my power” for Cyprus problem Guterres meets Christodoulides, pledges support for lasting settlement Larnaca fire burned 120 hectares, not 20 as first estimated, Forest Department says National Guard’s Kalo Chorio firing range faces second munitions mishap in months, as fire safety measures fail to stop blaze Defence challenges government doctor who examined complainant in Phedonos rape trial Suspended Metropolitan Tychikos spared further punishment for now over refusal to drop court case Follow en.philenews on Google News and be the first to know all the news about Cyprus and the world.