Alpha News

Positive News for the Development of the 'Cronus' Deposit

Published January 8, 2026, 21:15

There is positive news regarding the development of the 'Cronus' deposit in the Cypriot EEZ. President Christodoulides announced that they are in the final stages of development and that ENI and Total are expected to transport the first Cypriot natural gas to Egyptian terminals around the end of 2027. The President of the Republic received an invitation from President Sisi to participate in the Energy Forum in Cairo, where work must be completed by the end of March. He was informed about the development plan by ENI's Chief Operating Officer, Guido Brusco. ENI confirmed that all details have been agreed upon between the four parties involved: Cyprus, Egypt, ENI and Total. In addition, there is an intention from Egypt not to insist on its initial position to channel 20% of the deposit to its domestic market. However, Energy Minister Michalis Damianou clarified that this intention does not yet constitute a final decision. If no unforeseen circumstances arise, the first Cypriot natural gas will be transported to Egypt around the end of 2027 and the beginning of 2028.