Three commercial agreements have been signed for the exploitation of the Cronos natural gas field, which is located in Block 6 of Cyprus' Exclusive Economic Zone, the Energy Ministry has announced.
The agreements were signed on 20 October in the presence of the Cyprus Minister of Energy, Commerce and Industry, George Papanastasiou and the Minister of Petroleum and Mineral Resources of the Arab Republic of Egypt, Karim Badawi.
With the approval of the Development and Production Plan and the adoption of a final investment decision by the end of 2025, the production of the first gas quantities from the Cronos field is expected in 2027, the Ministry said.
It added that this substantially contributes to the strengthening of the energy security of the region and the promotion of the Eastern Mediterranean as a strategic energy hub.
The agreements were signed in the context of the Eastern Mediterranean Energy Conference and Exhibition – EMC 2025 taking place in Limassol, by representatives of the operators of the facilities in Egypt, the Egyptian State Natural Gas Company (EGAS) and the companies Eni and TotalEnergies, which together constitute the licensed consortium of Block 6.
The commercial agreements come as a follow-up to the Host Government Agreement that was signed in Egypt in February 2025, in the presence of the Presidents of Cyprus and Egypt, between Egypt and the Eni/TotalEnergies consortium, for the development of the hydrocarbons of Block 6 of the Cypriot EEZ.
The signing of the three commercial agreements constitutes another milestone on the path to the commercial exploitation of the Cronos deposit and practical proof of the close cooperation between Cyprus and Egypt, the Ministry says.
(Source: CNA)
