Nicosia, 28 July 2026 – The Cyprus Hydrocarbons Company (CHC) welcomes the announcement of the Final Investment Decision (FID) for the development of the Cronos natural gas discovery in Block 6 of Cyprus’ Exclusive Economic Zone (EEZ), by Eni and its partner TotalEnergies.
The project targets first gas production in 2028 and will utilize existing Egyptian infrastructure, including the Zohr processing facilities and the Damietta LNG plant, to bring Cypriot gas to international markets. Production is expected to reach approximately 500 million standard cubic feet per day.
As the Republic of Cyprus’ national hydrocarbons company, CHC has supported the State over many years through technical, commercial and strategic advice relating to the assessment, development and commercialization of Cyprus’ offshore natural gas resources. The FID for Cronos represents an important milestone in the country’s efforts to transform its discovered resources into long-term economic value for the benefit of its citizens.
The decision marks the transition of the Cronos project from planning and commercial structuring into the execution phase, following years of exploration, appraisal, technical studies, commercial negotiations and cooperation between the Government of the Republic of Cyprus, the licensees and regional stakeholders.
CHC will continue to support the Republic of Cyprus in the project implementation, commercial analysis, hydrocarbon revenue management, the optimization of value derived from natural resources, and the development of long-term strategies for their sustainable management.
Moreover, the development of Cronos is expected to establish Cyprus as a natural gas exporting country and to further strengthen the Eastern Mediterranean’s role as a source of reliable natural gas supplies for international markets.
Professor Toula Onoufriou, President of the Board of Directors of CHC, stated:
“The Final Investment Decision for the Cronos project is a landmark achievement for Cyprus and a significant step towards the commercialization of our offshore natural gas resources. This milestone reflects many years of effort by the Republic of Cyprus, its institutions and international energy partners to advance the development of the country’s hydrocarbon resources.
As the national hydrocarbons company, CHC has consistently supported the Republic through the provision of technical, commercial and strategic expertise aimed at safeguarding and maximizing the value of these resources on behalf of the Cypriot people.
The commencement of project execution creates the prospect of future revenues for the Republic, strengthens Cyprus’ position in the Eastern Mediterranean energy landscape and demonstrates the benefits of regional cooperation.
CHC looks forward to continuing its role in supporting the Government in the successful implementation of the project and in ensuring that the country’s natural gas resources deliver sustainable benefits for current and future generations.
I would like to extend my sincere thanks and congratulations to the staff and members of the Board of Directors of CHC, whose contributions were instrumental in achieving this important milestone for the Republic of Cyprus”.
About Cyprus Hydrocarbons Company (CHC)
The Cyprus Hydrocarbons Company Ltd. (CHC) is the national hydrocarbons company of the Republic of Cyprus. CHC supports the Republic in the management and commercialization of hydrocarbon resources and provides technical, commercial and strategic expertise aimed at maximizing the value of Cyprus’ natural resources for the benefit of current and future generations.
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