URGENT: Eni reaches FID for Cyprus’ Cronos gas project linked to Egypt

Eni has reached the final investment decision (FID) to develop Cyprus’ Cronos gas field. Production is set to begin in 2028, with the gas to be processed through Egypt’s existing infrastructure before being exported as Liquefied Natural Gas (LNG) to international markets, primarily Europe.

The project, operated by Eni, will develop the Cronos field in Block 6, which contains more than 3 trillion cubic feet (Tcf) of gas initially in place. Production is expected to reach a plateau of 500 million standard cubic feet per day (mmscf/d), with gas transported to Egypt for processing at the Zohr facilities before being liquefied at the Damietta Liquefied Natural Gas (LNG) plant for export.

Cronos is Eni’s first development in Cyprus and the country’s first hydrocarbon project. The company said the project will use existing infrastructure to reduce costs, minimise environmental impact and accelerate production. It will also enable the restart of the Damietta LNG plant, restore structural LNG exports from Egypt and support the expansion of Eni’s global LNG portfolio through the marketing of 50 per cent of LNG volumes, equivalent to 1.4 million tons per annum (mtpa), as it targets a contracted LNG portfolio exceeding 20 mtpa by 2030.

The project agreements establish the terms for using Egypt’s existing infrastructure, including the Zohr facilities and the Damietta LNG plant, as well as the commercialisation of the LNG.

Attribution: Amwal Al Ghad English