Eni's Cronos Development May Add New Gas Volumes to Europe From 2027

Core Insights - Eni S.p.A is expected to make a final decision on the development of the Cronos natural gas field off the coast of Cyprus, which is part of six discovered deposits in the region [1][9] - The gas from Cronos could potentially be exported to European markets by late 2027 or early 2028, contingent on the timely completion of necessary documentation [2][9] - Cronos is estimated to contain approximately 3.4 trillion cubic feet of gas, contributing to Europe's efforts to find alternatives to Russian energy supplies [3][9] Industry Context - The Cronos gas deposit is significant for Europe as it seeks to diversify its energy sources amid geopolitical tensions [3][4] - The gas from Cronos is planned to be transported via pipelines to Damietta, Egypt, for processing and liquefaction before being shipped to Europe, enhancing the region's energy security [4] - The development of Cronos marks the first field being developed from Cyprus' exclusive economic zone, expected to positively impact the country's economy [4]