Eni Advances North African Gas Developments, Eyes Cyprus Cronos Decision in Q1

Italy’s Eni is speeding up gas development plans in North Africa and the eastern Mediterranean, aiming to supply Europe via Egypt’s existing LNG infrastructure.

The company expects to make a final investment decision soon on the Cronos gas field off Cyprus, discovered with TotalEnergies in 2022 and estimated to hold over 3 trillion cubic feet of gas. Cronos would be developed in phases and linked to Egypt’s LNG plants, avoiding new facilities in Cyprus.

Eni is also expanding exploration in North Africa, with plans to drill offshore in Libya’s Sirte Basin and onshore in the country’s southwest. In Egypt, the company continues gas exploration and seeks to maximize output from mature fields, including the Western Desert and Zohr, which holds an estimated 30 trillion cubic feet of gas.

Despite domestic shortages, Egypt recently signed agreements with Lebanon, Syria, Jordan, and Cyprus to supply gas, alongside a $35 billion deal to import gas from Israel’s Leviathan field. Eni says Egypt’s goal to become a net gas exporter depends on upstream investments and expanding renewables to free up gas currently used for power generation.

Eni also signed a new offshore exploration deal in Lebanon with TotalEnergies and QatarEnergy, though exploration remains in early stages.