The Italian energy company “Eni” announced on Thursday that it is in the final stages of making a decision regarding investment in the development of the “Cronos” natural gas field off the Cypriot coast, and the company expects to begin supplying European markets with gas within two years.
The Chief Operating Officer of the company, Guido Brusco, explained that “Eni” is currently working to complete the necessary procedures and documents, noting the possibility of gas reaching European markets by the end of 2027 or the beginning of 2028, provided that all technical and regulatory requirements are met on time.
The “Cronos” field is one of three oil and gas discoveries made by “Eni” and its French partner “TotalEnergies” in Block 6 within Cyprus’ Exclusive Economic Zone, and its reserves are estimated at approximately 3.4 trillion cubic feet of natural gas.
The development plan includes the construction of a pipeline extending to gas processing facilities in Damietta, Egypt, in order to take advantage of the existing infrastructure of the “Zohr” field, with the aim of liquefying the gas and subsequently exporting it to European markets.
Cypriot President Nikos Christodoulides affirmed during his meeting with “Eni” officials the importance of finalizing all agreements by next March 30, coinciding with his attendance at the “EGYPS” energy exhibition in Cairo, and stressed the importance of this project for the Cypriot economy and its citizens.
The “Cronos” project is part of the active energy map in the Eastern Mediterranean, where other major companies, such as “ExxonMobil,” hold licenses to explore in Cypriot waters, while a coalition including “Chevron,” “Shell” and “NewMed Energy” is leading the development of the massive Israeli “Aphrodite” gas field, which is estimated to hold approximately 4.6 trillion cubic feet of reserves.
