Cronos gas field project to supply Europe via Egypt by 2028

A consortium led by Eni and TotalEnergies has reached a final investment decision to develop the Cronos offshore gas field located in Cyprus's exclusive economic zone. The project involves a $2 billion investment to construct a 105-kilometer subsea pipeline connecting the Cronos field to the existing Zohr field in Egypt.

Once extracted, the gas will be processed and liquefied at Egypt's Damietta plant before being transported via tankers to European markets. The project is expected to begin commercial operations by the first quarter of 2028. The Cronos field is estimated to hold approximately 85 billion cubic meters of gas.

While the volume is not large enough to fundamentally shift European energy balances, the project serves as a strategic component of Europe's efforts to diversify its energy supplies following the reduction of Russian imports. Additionally, the project reinforces Egypt's position as a regional energy hub for the Eastern Mediterranean.