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.

It 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.

Discovered in 2022, Kronos is Eni’s first development in Cyprus and the country’s inaugural hydrocarbon project.

Eni likewise said the gas in place will be “transported and processed in existing Zohr facilities, in Egypt, then transferred and liquefied in Damietta LNG plant for export as LNG to international markets, primarily Europe”.

Eni CEO Claudio Descalzi commented: “Kronos fast-track initiative marks a concrete milestone in positioning Cyprus as a European gas producer and exporter and it unlocks the establishment of a regional gas hub in the Eastern Mediterranean by leveraging Egypt’s existing hydrocarbon infrastructure. It is furthermore an example of international cooperation and a concrete contribution to the diversification and security of Europe’s gas supply”.

The Cyprus Hydrocarbons Company, a state-owned entity, called the final investment decision “an important milestone in converting Cyprus’ discovered reserves into long-term economic value, to the benefit of the country and its people”.

“Production is estimated to come to 500 million cubic feet per day,” the CHC said.