Italy’s Eni and France’s TotalEnergies have reached a final investment decision to develop the Cronos gas field off the Cypriot shelf. The project will be another important step in diversifying Italy’s energy sources. The country currently imports 95 percent of its natural gas, with Algeria as Italy’s largest supplier.
The Cronos project, with estimated initial gas reserves of over 85 billion cubic meters, will be the first industrial production of natural gas in Cyprus. The project involves drilling four deep-water wells and producing an average of 14.16 million cubic meters of gas per day.
The first gas flows from the new field are expected in 2028. The natural gas to be produced will first be sent to Egypt via a subsea pipeline. It will be converted into liquefied natural gas (LNG) at the Damietta LNG plant there and then shipped to Europe. The use of existing infrastructure will help reduce costs and accelerate the project’s implementation.
The development of new gas resources strengthens Italy’s position as a key energy hub between North Africa and the Eastern Mediterranean. This initiative will help Cyprus become a regional gas exporter and strengthen Europe’s energy security.
