Nicosia: Minister of Energy Michalis Damianos told CNA on Tuesday that the Final Investment Decision announced by Eni and TotalEnergies for the development of the Kronos natural gas field, in Cyprus' Exclusive Economic Zone, constitutes a "historic milestone" for the Republic of Cyprus.
According to Cyprus News Agency, the Minister congratulated Eni and Total on the final investment decision, stating 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 Kronos project, comprising three trillion cubic feet, will proceed through the Zohr gas field to the Damietta LNG plant in Egypt.
The final investment decision signifies that the consortium is advancing with the development of the gas field, which is anticipated to produce the first natural gas from Kronos by the first half of 2028, as previously projected. The Minister emphasized that this development confirms Cyprus' energy policy to exploit its own hydrocarbons, relying on the credibility of their partners and the companies with rights to the Exclusive Economic Zone.
Meanwhile, a press release by the Ministry highlighted that utilizing the existing regional infrastructure allows for faster and more economical project development, while also reducing its environmental impact. Furthermore, the Ministry stated that the development of Kronos underscores the strategic importance of the Eastern Mediterranean as an energy hub and contributes to broader efforts to diversify supply sources and enhance Europe's energy security.
The Ministry of Energy acknowledges the significant contribution of Eni and TotalEnergies in promoting the project and affirms its commitment to continue working consistently and responsibly with licensed companies and all partners involved. This collaboration aims for the timely and effective utilization of Cyprus' energy resources for the benefit of the country and its citizens.