Philenews

Final Investment Decision for 'Cronus' Expected in March

Published February 17, 2026, 14:17
Final Investment Decision for 'Cronus' Expected in March

The final investment decision (FID) for the development of the 'Cronus' gas field is expected by the end of March, with the aim of sending natural gas to Egypt by the first half of 2028 for processing and distribution to the European market, said Energy Minister Michalis Damianou. Discussions with ENI are at the final stage and the natural gas will initially be channeled 100% to Egypt, with future provision for use of up to 20% by the domestic market. At the same time, negotiations with Israel are underway for the 'Isai' field, with expectations of completing the agreements within 1-2 months. For the 'Aphrodite' field, the project is in the FEED phase and the final investment decision is expected in 2027, with a production unit at the field and a subsea pipeline to Egypt. It was pointed out that the small size of the Cypriot market does not make the distribution of natural gas to the domestic market economically attractive. Blocks 10 ('Glaucus' and 'Pegasus') are under evaluation by ExxonMobil. The Minister ruled out geopolitical interference in 'Cronus', as discoveries in the Cypriot EEZ are outside Turkish claims. Egypt is a strategic partner of Cyprus.