Finance
Eni signs deal to bring Cypriot offshore gas to Europe, via Egypt
Published by Global Banking & Finance Review®
Posted on February 17, 2025
2 min readLast updated: January 26, 2026
Global Banking & Finance Review®
Company
Published by Global Banking & Finance Review®
Posted on February 17, 2025
2 min readLast updated: January 26, 2026
Eni and TotalEnergies partner to export Cypriot offshore gas to Europe via Egypt, leveraging existing infrastructure for enhanced energy security.
MILAN (Reuters) - Italian energy group Eni signed an agreement on Monday to export Cyprus' offshore gas via Egypt, hailing it as a "milestone" towards the creation of a gas hub in the eastern Mediterranean.
Under the agreement, which also involves TotalEnergies, gas from the Cronos Block 6 site will be processed at Egypt's Zohr facilities before being liquefied at the Damietta liquefied natural gas plant and exported to Europe, Eni said.
Eni and TotalEnergies each have a 50% interest in Cronos Block 6.
Discovered in 2022 and subsequently appraised in 2024, Cronos gas in place is estimated at more than 3 trillion cubic feet (TCF). Additionally, Block 6 encompasses further potential resources under exploration and appraisal, Eni said.
"This agreement paves the way to bring Cyprus' gas to the market in a timely fashion, contributing to energy security and competitiveness of energy supply," Eni CEO Claudio Descalzi said.
"This project leverages Egypt's existing infrastructure, including export facilities, which are a key enabler for developments in the region," he added.
Egypt had planned to become a major gas exporter after Eni discovered the Zohr offshore field in 2015, but Egypt's gas production has been falling since 2021, reaching a six-year low in 2024. Eni is now aiming to increase production there.
Eni also owns 50% of the Damietta LNG plant.
(Reporting by Cristina Carlevaro, editing by Alvise Armellini and Susan Fenton)
The main topic is Eni and TotalEnergies' agreement to export Cypriot offshore gas to Europe via Egypt.
The gas will be processed at Egypt's Zohr facilities and liquefied at the Damietta LNG plant before export.
This deal enhances energy security and utilizes Egypt's existing infrastructure for gas export.
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