Eni and TotalEnergies Greenlight First Cyprus Gas Project

The project, situated in Block 6, holds over 3 trillion cubic feet of gas. Operated as a 50-50 partnership between the two energy giants, the field is expected to reach a plateau of 500 million cubic feet per day. This output, roughly equivalent to 2.8 million tons of LNG annually, will be piped to existing facilities at Egypt’s Zohr field and processed at the Damietta plant for export.

Discovered in 2022 and appraised earlier this year, Cronos serves as a strategic bridge for European energy security. By utilizing Egypt’s established infrastructure, the companies aim to bypass the need for new, costly processing plants on the island. Eni CEO Claudio Descalzi noted that the initiative positions Cyprus as a regional gas hub, while TotalEnergies CEO Patrick Pouyanné emphasized the project’s role in diversifying Europe’s LNG supply. The move intensifies the competition in the Eastern Mediterranean, where Exxon and Chevron are also aggressively expanding their exploration footprints.