Italian energy major Eni has signed an agreement with Egypt and Cyprus for the development and export of Cyprus Block 6 gas through Egypt’s existing infrastructure.
The agreement outlines a comprehensive framework enabling a rapid development of the Cronos gas discovery offshore Cyprus, as the gas will be transported and processed in existing Zohr facilities to be then liquefied in the Damietta liquefied natural gas (LNG) plant for export to European markets.
It marks a concrete milestone to establish a gas hub in the Eastern Mediterranean, capitalizing on Egypt’s existing hydrocarbon infrastructure and positioning Cyprus as a gas producer and exporter.
“This agreement paves the way to bring Cyprus' gas to the market in a timely fashion, contributing to energy security and competitiveness of energy supply.
“This project leverages Egypt’s existing infrastructure, including export facilities, which are a key enabler for developments in the Region. Egypt and Cyprus reaffirm their roles in the emerging energy hub of the Eastern Mediterranean, which is set to play an increasing role in the global gas supply in the near future,” said Claudio Descalzi, Eni’s CEO.
Discovered in 2022 and subsequently appraised in 2024, Cronos gas in place is estimated at more than 3 trillion cubic feet (TCF). Additionally, Block 6 encompasses further potential resources under exploration and appraisal, including the Zeus discovery made in 2022.
Eni has been present in Cyprus since 2013. Block 6 is operated by Eni holding a 50% interest, while TotalEnergies holds the remaining 50%. Eni also operates Block 8 and has participating interests in Blocks 7 and 11.
Eni has been present in Egypt since 1954. The company is currently the country's leading producer with an equity production of approximately 280,000 barrels of oil equivalent per day in 2024.
Eni operates in Egypt through its wholly owned subsidiary IEOC and has a 50% share in Damietta LNG Plant.
Subscribe
