Nicosia, Cyprus. Energy Minister Michael Damianos said the final investment decision by the Eni and TotalEnergies consortium to develop the Kronos natural gas field in Block 6 of Cyprus’ exclusive economic zone marks the country’s entry into commercial exploitation of offshore gas reserves.
The field is estimated to contain three trillion cubic feet of natural gas and is expected to begin producing gas in the first half of 2028.
Development plans
Damianos congratulated Eni and TotalEnergies on reaching the decision, describing it as a historic milestone for the Republic of Cyprus.
He said the decision means the consortium will proceed with developing the field. Gas from Kronos will be developed through Egypt’s Zohr field, with exports routed to the Damietta LNG plant.
Regional infrastructure
The Energy Ministry said the use of existing regional infrastructure would enable faster and lower-cost development of the project while reducing its environmental footprint.
Damianos said the decision confirms Cyprus’ long-term strategy of developing its hydrocarbon resources with international partners and companies licensed to operate in the country’s exclusive economic zone.
Energy security
The ministry said the Kronos development strengthens the strategic importance of the eastern Mediterranean as an energy hub and supports efforts to diversify energy supplies and enhance Europe’s energy security.
It acknowledged Eni and TotalEnergies’ contribution to advancing the project and said it would continue working with licensed companies and other stakeholders to ensure the timely and effective development of Cyprus’ energy resources.
