Cyprus Energy Minister Announces June FID for Kronos Gas Field

Energy Minister Mikhalis Damianos said the ENI‑TotalEnergies consortium is expected to reach a final investment decision (FID) for the offshore "Kronos" gas block by June, after the Cyprus Cabinet approved related agreements in May. The consortium has already made some payments, making the FID almost certain.

Damianos also noted that pre‑agreements for the "Afroditi" gas field have been signed, with final contracts to follow, while Chevron’s deadline for the front‑end engineering design of Afroditi runs until January 2027. He announced that he will travel to Washington next week in a 3+1 format together with Greece and Israel to discuss Eastern Mediterranean energy issues. The United States, through companies such as Chevron and Exxon, has strategic interests in the region, including support for a potential electricity link between Israel and Europe via Cyprus. Ongoing commercial talks on the "Isei" project continue, and the president of Cyprus has signaled forthcoming announcements in cooperation with Exxon regarding Block 4.