Eni invests in Cronos: first gas from the Cypriot offshore field set to flow in 2028
CEO Descalzi: “A swift and tangible step on a path that will lead Cyprus to become a European gas producer and exporter”
Key points
Eni is stepping up work on the Cronos project, located in deep waters off the coast of Cyprus. The group led by Claudio Descalzi has reached the final investment decision (FID) with the aim of bringing the first Cypriot gas to market in 2028. Specifically, the project – in which Eni acts as operator – will enable the Cronos field, located in Block 6, to come on stream. The field contains over 3 trillion cubic feet of initial in-place gas (Giip), equivalent to 85 billion cubic metres.
Synergies with Zohr
Production is expected to reach a plateau of around 500 million standard cubic feet per day (mmscf/d), or 14.1 million cubic metres. The gas will be transported to and processed at the existing Zohr facilities in Egypt, before being transferred to and liquefied at the Damietta LNG plant and exported as liquefied natural gas (LNG) to international markets, primarily in Europe.
Descalzi: a fast-track project that will make Cyprus an EU gas producer and exporter
“The Cronos initiative represents a significant and concrete step forward on the path that will lead Cyprus to become a European producer and exporter of natural gas, and paves the way for the creation of a regional gas hub in the Eastern Mediterranean, building on Egypt’s existing energy infrastructure,” commented Eni’s chief executive, Claudio Descalzi. “The project is also an example of international cooperation and makes a tangible contribution to the diversification and security of Europe’s gas supplies.”
The group’s strategy for Cyprus
Cronos is Eni’s first development in Cyprus and the country’s first project in the hydrocarbons sector. It exemplifies an integrated approach that harnesses the synergies between new and existing infrastructure within a single development, delivering significant cost efficiencies, a reduction in environmental impact and a faster time to market.
Eni’s plans for LNG
Cronos will enable the Damietta liquefaction plant to resume operations, will restore Egypt’s LNG exports on a permanent basis, and represents a significant milestone in the expansion of Eni’s global LNG portfolio. By marketing 50 per cent of the LNG volumes produced, equivalent to approximately 1.4 million metric tonnes per annum (Mtpa), Eni will increase its contracted LNG portfolio, in line with the strategic objective of exceeding 20 million metric tonnes per annum (Mtpa) by 2030.
