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Cyprus Unleashes $1.8 Billion Gas Project: Cronos Set to Transform Eastern Mediterranean Energy by 2028
🇬🇷 Greece · War & conflict · 7 h ago
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26.10 13:14 UTC
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Contracts worth up to $1.8 billion have been signed to develop the offshore field, marking a significant milestone in Cyprus’s long-standing ambition to turn its natural gas discoveries into commercial production.
The project is being advanced by Eni and TotalEnergies, with first gas targeted for the first half of 2028.
First Gas in 2028: Reserves and Production Targets The Cronos field is estimated to contain more than 3 trillion cubic feet of natural gas.
Under the existing partnership structure, Eni operates Block 6 with a 50% interest, while TotalEnergies holds the remaining 50%.
It will then be directed to the Damietta LNG terminal for liquefaction and export to international markets.
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