Eni and TotalEnergies have approved the Final Investment Decision to develop Cyprus’ Cronos gas field in Block 6, with first gas targeted for 2028 and LNG export routed via Egypt’s Damietta plant after processing at Zohr facilities.

The Kronos project strengthens the Eastern Mediterranean as an energy hub and supports Europe’s energy security by diversifying gas sources.

About half of Cronos LNG output will be marketed by TotalEnergies, with the remaining portion handled by Eni.

Egypt’s leadership is reviewing strategic projects with global partners to maximize natural-resource value, localize industries, cut imports, and boost exports.

The Cronos project is expected to create new domestic jobs and drive long-term growth across sectors.

Egypt’s prime minister underscored energy and natural gas as central to the economy and energy security, reaffirming government support to boost local production and attract investments.

Egyptian crude output has reached its highest level in two years, thanks to clearing arrears and regular settlements, boosting partner confidence and investment activity.

Egypt’s minister frames the Cronos FID as part of a strategy to become a regional energy hub and a partner in global energy security.

European interest in domestic gas resources has risen due to Ukraine-related disruptions and ongoing regional supply concerns.

Using regional infrastructure is seen as speeding development, lowering costs, and reducing environmental impact.

Leveraging existing regional infrastructure is expected to accelerate Cronos development and cut environmental footprint.

Egypt secured local natural gas supplies for peak summer demand to ensure stable electricity and industrial energy provision, with further plans for the second half of the season.