Energy Minister Michael Damianos on Tuesday described the consortium’s final investment decision to develop the Kronos natural gas field in Block 6 of Cyprus’ exclusive economic zone (EEZ) as a “historic milestone” for Cyprus, saying it marks the country’s entry into the commercial exploitation of its offshore gas reserves.

Damianos congratulated Eni and TotalEnergies on reaching the decision.

“This is a historic milestone for the Republic of Cyprus because we are now entering the commercial exploitation of Cyprus’ natural gas deposits,” he said.

The minister said the field contains an estimated three trillion cubic feet of natural gas and will be developed through Egypt’s Zohr field, with exports routed to the Damietta LNG plant.

“The final investment decision means the consortium is now moving ahead with the development of the field. This is particularly welcome news because, as we have said before, we expect the first gas from Kronos during the first half of 2028,” Damianos said.

He added that the decision confirms Cyprus’ long-term energy strategy of developing its own hydrocarbon resources in cooperation with its international partners and the companies licensed to operate in the country’s EEZ.

The energy ministry said the use of existing regional infrastructure would allow the project to be developed more quickly and at a lower cost while also reducing its environmental footprint.

The ministry added that the development of the Kronos field reinforces the strategic importance of the eastern Mediterranean as an energy hub and contributes to broader efforts to diversify energy supply sources and strengthen Europe’s energy security.

It also acknowledged the contribution of Eni and TotalEnergies in advancing the project and said it would continue working closely with the licensed companies and other stakeholders to ensure the timely and effective development of Cyprus’ energy resources for the benefit of the country and its citizens.