Minister of Energy Michalis Damianos on Tuesday said that the Final Investment Decision announced by Eni and TotalEnergies for the development of the Cronos natural gas field, in Cyprus' Exclusive Economic Zone, constitutes a "historic milestone" for the Republic of Cyprus.
The Minister, who spoke to the Cyprus News Agency (CNA) following the announcement on Cronos, congratulated Eni and Total on the final investment decision, said that "this is a historic milestone for the Republic of Cyprus as we are now entering the commercial exploitation of the Cypriot natural gas fields."
The Cronos project, he said, is of three trillion cubic feet and will proceed through the Zohr gas field to the Damietta LNG plant in Egypt.
“The final investment decision means that the consortium is now moving forward with the development of the gas field, which is particularly good news because this says that within 2028, as we have said before, in the first half of 2028, we expect to have the first natural gas from Cronos,” he stressed.
The Minister also noted that this development “confirms the energy policy of the Republic of Cyprus to exploit its own hydrocarbons, always based on the credibility of our partners and the companies that have the rights to the EEZ.”
Meanwhile, according to a press release from the Ministry, the utilisation of existing infrastructure allows faster and more economical development, while reducing its environmental footprint.
Furthermore, the Ministry says that the development of Cronos highlights the strategic importance of the Eastern Mediterranean as an energy hub and contributes to the broader efforts to diversify supply sources and strengthen Europe’s energy security.
The Ministry of Energy notes that it recognises the significant contribution of Eni and TotalEnergies in promoting the project and will "continue to work consistently and responsibly, in collaboration with the licensed companies and all partners involved, for the timely and effective utilisation of the energy resources of the Republic of Cyprus for the benefit of the country and its citizens".
