The Kronos gas field in Cyprus’ Exclusive Economic Zone (EEZ) is close to reaching a Final Investment Decision (FID), according to a Bloomberg report.
TotalEnergies Chief Executive Patrick Pouyanné said the company is “working hard” to secure the final investment decision by the end of July 2026. The project aims to supply natural gas to Europe as the continent continues to seek secure and geographically closer energy sources.
Development to use Egyptian infrastructure
The Kronos gas field, located in Block 6 of Cyprus’ EEZ, is estimated to hold more than 3 trillion cubic feet of natural gas.
Its development will make use of existing processing and liquefaction infrastructure in Egypt, allowing gas exports to European markets. Previous statements by Eni officials and the Cypriot government indicated that production and exports could begin by late 2027 or early 2028, provided the remaining procedures are completed.
Government approval paved the way
In May 2026, Cyprus’ Council of Ministers approved the development and production plan for the Kronos gas field, along with a package of commercial agreements. The approval paved the way for the Eni–TotalEnergies consortium to proceed with the final investment decision.
The latest development marks another important step in the exploitation of Cyprus’ offshore natural gas reserves and strengthens the country’s role in the Eastern Mediterranean energy landscape. It also follows the recent signing of the memorandum for the development and export of gas from the Aphrodite field.
Also read: Aphrodite gas field: MoU signed for gas exports to Egypt
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