In 2026, the deep-sea exploration vessel in the Eastern Mediterranean completed the final round of underwater pipeline survey for the Cronos gas field, and engineers from Total Energy and Eni Group finally received formal approval for the final investment decision. This new natural gas corridor spanning Cyprus and Egypt is building a new hub for energy security in the Eastern Mediterranean for Europe.

Project landing opens a new era of energy in Cyprus

The Cronos gas field is located in the deep-sea area 185 kilometers southwest of Cyprus. It was discovered in 2022 and the full process evaluation will be completed in 2024. In 2025, Cyprus and Egypt signed an intergovernmental agreement, and subsequent companies from both sides will complete the transportation and processing agreement as well as the Damietta LNG terminal processing contract, clearing all commercial obstacles for the project.

The project plan involves the development of four subsea wells, with in-situ natural gas reserves exceeding 3 trillion cubic feet. During the stable production period, the daily output can reach 500 million cubic feet, equivalent to approximately 2.8 million tons of LNG per year. It is expected to achieve the first gas production in 2028. Eni and Total Energy each hold a 50% stake, with Eni serving as the project operator.

The regional hub effect continues to be released

The project did not build a new independent processing plant, but relied on the Zohr gas field facilities already built in Egypt to complete preliminary processing, and then transported to the Damietta LNG terminal for liquefaction through existing pipelines, and finally transported to the European market in the form of LNG. This model significantly reduces project capital expenditures, shortens development cycles, and lowers the carbon emission intensity of the entire chain.

Total Energy will be responsible for 50% of LNG sales, corresponding to an annual sales volume of 1.4 million tons, helping its global LNG business scale exceed 60 million tons by 2030. Eni will incorporate the remaining 50% of its production into its own LNG portfolio, supporting its goal of exceeding 20 million tons of contracted LNG by 2030.

For Cyprus, this is the country's first commercial offshore natural gas project, driving its transformation from an energy importing country to a regional natural gas exporting country and completely reshaping the local energy supply pattern. Egypt has further activated its idle LNG processing capacity and consolidated its core position as an energy hub in the Eastern Mediterranean. Keywords: deep-sea exploration, natural gas projects

Against the backdrop of local conflicts in the Middle East disrupting the global LNG supply chain in 2026, this new supply channel in the Eastern Mediterranean provides a new and diversified option for the European market, effectively reducing Europe's dependence on a single gas source. In the future, both parties will simultaneously promote the evaluation of remaining resources in Block 6, and the subsequent cooperative development of Blocks 7, 8, and 11 will further amplify regional synergies and fully unleash the value of the Eastern Mediterranean natural gas hub.Editor/Cheng Liting