Under the deep blue waters of the Eastern Mediterranean, a silent transformation concerning the energy landscape is taking place. With the tip of the pen dropped by the senior management of Italy's Eni Group, the Cronos gas field in Cyprus' exclusive economic zone has finally ended the long wait from discovery to development. This giant treasure trove of resources, dormant at depths exceeding 2200 meters, is about to be awakened and plans to deliver the first batch of natural gas to the global market by 2028, with a focus on the European continent seeking diversified supply.

Lock in 3 trillion cubic feet of reserves

Looking back to 2022, Eni made this significant discovery in Block 6 of Cyprus by drilling the Cronos-1 exploratory well. The data shows that the initial natural gas geological reserves of the gas field exceed 3 trillion cubic feet. In order to efficiently develop this deep-sea resource, the project team did not choose the more expensive option of building a new onshore processing plant, but instead strategically decided to adopt the floating control unit (FCU) constructed by China Merchants Heavy Industries. This submarine pipeline being laid will connect the Cronos gas field to Egypt across the sea like an umbilical cord, directly returning to the Zohr gas field facility under Eni.

Activate LNG exports through Egypt

The cleverness of the Cronos project lies in its ultimate utilization of existing infrastructure. The extracted natural gas will be transported to the Zohr facility in Egypt for processing, and then sent as feed gas to the Damietta LNG plant for liquefaction. This model can not only significantly reduce development costs, but also hopefully restart Damietta LNG facilities and restore Egypt's position as a stable LNG exporter. In terms of production allocation, Eni will be responsible for selling 50% of the project's production, approximately 1.4 million tons per year, to help achieve its goal of LNG equity production exceeding 20 million tons by 2030; The remaining half of the production, about 2.8 million tons per year, will be sold by the sole partner Total Energy.keywords:New energy information network

Happiness and Concerns in the Geopolitical Chess Game

For Cyprus, this is a crucial step towards energy independence. Energy Minister Michael Damianos referred to it as a historic milestone, believing it would propel the country to become a natural gas producer and exporter in Europe. However, amidst the joy, there are also hidden worries. Charles Ellis, an energy analyst in Nicosia, pointed out that although the project launch is worth celebrating, the specific scale of benefits that Cyprus will gain from it is still unclear. Some in the industry believe that actual profits may be limited and call on the government to increase data transparency. At the same time, Total Energy has set its sights on further regions, believing that the development of Cronos will open up new opportunities for evaluating other potential resources within Block 6 and further solidify the position of the Eastern Mediterranean as an emerging regional natural gas hub.Editor/Yang Meiling