At the end of March, during the Egypt Energy Show (EGYPES), held in Cairo from 30 March to 1 April, Eni is expected – according to information obtained by Politis – to announce the Final Investment Decision (FID) for the development of the “Cronos” gas field in Block 6 of Cyprus’ Exclusive Economic Zone. A delegation of the Republic of Cyprus headed by President Nikos Christodoulides will travel to Egypt.
If confirmed, this development marks a significant milestone for Cyprus’ energy programme, as it would be the first time a Cypriot natural gas field moves from exploration to full development and production. The plan foresees the start of extraction in 2027, using Eni’s existing infrastructure in Egypt for processing and exporting the gas.
The announcement is eagerly awaited in both Cyprus and Egypt. Cyprus will become a natural gas exporter – although the financial returns will not be large – at a time when Europe is seeking alternatives to Russian gas and Egypt is strengthening its position as an Eastern Mediterranean energy hub, leveraging its LNG terminals and future electrical interconnections.
History of the “Cronos” discovery
The “Cronos” field was discovered in August 2022 through the Cronos‑1 well in Block 6 by the Eni (50%, operator) – TotalEnergies (50%) consortium.
A confirmation drilling, Cronos‑2, followed in 2024, revealing a substantial reservoir thickness and reinforcing estimates of recoverable resources of around 3.4 trillion cubic feet of natural gas. After completing the appraisal phase, the consortium carried out techno‑economic studies to determine the optimal development model.
In February 2025, a Host Government Agreement (HGA) was signed between Cyprus, Egypt and the companies, setting the regulatory and commercial framework for the transport and utilisation of the gas.
In early 2026, Eni’s management stated that it had reached the “final stage” before taking the investment decision, targeting late March.
Charles Ellinas, Senior Fellow at the Atlantic Council’s Global Energy Center, writing in the Sunday edition of Politis, described Eni’s planned utilisation of “Cronos,” noting that the Italian company will rely on its Egyptian infrastructure:
“After Egypt decided not to use its share for domestic consumption, all of Cronos’ natural gas – about 5 billion cubic metres per year – will be liquefied at the Damietta terminal and exported to Europe as LNG. However, given the low LNG prices expected in the European market after 2028 ($6–8/mmBTU) and the transit/tariff charges for using Egyptian infrastructure, which may reach $1.5/mmBTU, Cyprus’ profit share is likely to be low. Eni may follow Cronos with development of the two other Block 6 fields, Zeus and Calypso,” Ellinas notes.
The “Aphrodite” puzzle
As for “Aphrodite,” the first confirmed gas discovery in Cyprus’ EEZ, its future remains uncertain. Media reports and public statements suggest that a solution to the dispute with Israel is near. Israel’s ambassador to Cyprus, Oren Anolik, said in an interview on 1 February that signatures on an Aphrodite-Ishai agreement could be possible by the end of March. However, Politis understands that an agreement is not yet close, although progress has been made.
Anolik clarified that signing the agreement would set out the core principles of the solution:
“A special expert will be appointed to determine apportionment – the decisions are not known in advance, only the process. Thus, the agreement will be final as a framework. Implementation will take time, but the main obstacle will have been removed.”
The Ishai area lies south of Israel’s Leviathan field and touches the maritime boundary with Cyprus. Israel argues that part of the Aphrodite reservoir extends into its territory and is seeking either a share of the revenues or a co‑development arrangement.