Cypriot and Egyptian authorities progress with the exploration and development of the "Cronos" offshore natural gas field.
The joint venture between Cyprus and Egypt, led by Eni and TotalEnergies, is moving forward with the final investment decision (FID) for the Cronos gas field. The timeline for this decision is set for late 2025, a challenging but realistic goal for the companies involved.
This project is a significant step towards enhancing regional gas supply and integrating Cyprus' gas resources into Egypt's infrastructure. It is also a shared goal that offers benefits to both countries, bolstering Europe's energy security.
Following the FID, the first gas flow from the Cronos field is expected by 2027. This is supported by infrastructure developments, including a 90-km subsea pipeline linking the field to Port Said, Egypt, planned for completion by the end of 2027.
The core commercial agreements between the investors and Egypt cover the entire supply chain, including gas export and liquefaction at Egypt's Damietta facility. 100% of the gas from the "Cronos" field is projected for liquefaction and export.
Eni and TotalEnergies have submitted a Development and Production Plan for the "Cronos" field to the Republic of Cyprus for review. Consultations aiming for a signing of the agreements are scheduled for September. Egypt's Petroleum Minister has reaffirmed the country's readiness to support the project and remove any obstacles.
Another meeting between the Ministers and the companies is likely to take place earlier, on the sidelines of the Gastech international exhibition in Milan, scheduled for September 9-12, 2025. Both Ministers will be accompanied by their technical teams.
The meetings were held under the Coordinating Committee for the development of the Block 6 field within Cyprus's Exclusive Economic Zone (EEZ). The Development and Production Plan covers both the technical aspects of field development and its commercial exploitation.
The finalization of the gas sales agreement is expected by the end of August. A separate gas sales agreement between the Republic of Cyprus and the investors is in the works, with a draft version already shared. Technical and commercial agreements are expected to be finalized in August.
If all goes according to plan, 2027 could mark the first gas flow from "Cronos." The next Coordinating Committee session is expected to be held in Cairo or Damietta, following an invitation by the Egyptian Minister to his Cypriot counterpart.
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- The joint venture between Cyprus and Egypt, involving tech companies Eni and TotalEnergies, is progressing towards the final investment decision (FID) for the development of the Cronos gas field, with expectations set for late 2025.
- The $Cronos$ project, focused on enhancing regional gas supply, integrates Cyprus' gas resources into Egypt's infrastructure, offering mutual benefits and bolstering Europe's energy security.
- Following the FID, the first gas flow from the $Cronos$ field is expected by 2027, supported by infrastructure developments such as a 90-km subsea pipeline linking the field to Port Said, Egypt.
- Core commercial agreements between the investors and Egypt cover the entire supply chain, including gas export and liquefaction at Egypt's Damietta facility, with 100% of the gas from the $Cronos$ field projected for liquefaction and export.
- Eni and TotalEnergies have submitted a Development and Production Plan for the $Cronos$ field to the Republic of Cyprus for review, with consultations scheduled for September towards signing the agreements, and Egyptian Petroleum Minister's readiness to support the project and address any obstacles.
