Italian energy giant Eni has signed a deal to export natural gas from Cyprus’ offshore Cronos field to Europe through Egypt, bolstering regional energy ties and supporting Europe’s diversification efforts.
In a statement on Monday, the company said the deal, which also involves French energy firm TotalEnergies, will allow gas from Block 6 to be processed at Egypt’s Zohr facilities before being liquefied at the Damietta LNG plant for export.
“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,” Eni’s CEO, Claudio Descalzi, said. “This project leverages Egypt’s existing infrastructure, including export facilities, which are a key enabler for developments in the region.”
Details of the deal
Eni and TotalEnergies each hold a 50% stake in Block 6, where the Cronos field was discovered in 2022 and appraised in 2024.
The gas in place is estimated at more than 3 trillion cubic feet (TCF), with additional potential resources still under exploration
The companies plan to utilize Egypt’s well-established gas infrastructure to fast-track development, as the North African country remains a key hub for gas exports in the region.
Egypt had aimed to expand its role as a major gas exporter after Eni’s discovery of the Zohr field in 2015. However, the country’s gas production has been in decline since 2021, reaching a six year low in 2024.
Despite this, Eni said it is working to boost production in Egypt, where it also owns 50% of the Damietta LNG plant.
The agreement marks a significant step in regional energy cooperation, strengthening the supply chain for European markets as they seek alternative gas sources.
