BAKU, Azerbaijan, February 17. A Host Government Agreement for the development of Cyprus’ Cronos Block 6 was signed today in Cairo by Egypt’s Minister of Petroleum and Mineral Resources Karim Badawi, Cyprus’ Minister of Energy, Commerce and Industry George Papanastasiou, and executives from Eni and TotalEnergies, Trend reports.
The signing was witnessed by the Presidents of Egypt, Abdel Fattah El-Sisi, and Cyprus, Nikos Christodoulides, during the opening of EGYPES, Egypt’s energy event.
The agreement outlines plans to develop the Cronos gas discovery offshore Cyprus. Gas from Cronos will be transported to Egypt’s Zohr facilities for processing and then liquefied at the Damietta LNG plant for export to Europe. This project aims to utilize Egypt’s existing infrastructure to support gas production and export from Cyprus.
The Cronos field, discovered in 2022 and appraised in 2024, is estimated to hold over 3 trillion cubic feet (TCF) of gas. The agreement also covers ongoing exploration in Block 6, including the Zeus discovery made in 2022. Eni holds a 50% interest in Block 6 and operates Blocks 7, 8, and 11 in Cyprus.
Eni has operated in Egypt since 1954 and is the country’s leading oil producer, with an output of approximately 280,000 barrels of oil equivalent per day in 2024. Eni also holds a 50% stake in the Damietta LNG plant.