(Finance) – The Minister of Oil and Mining Resources of the Arab Republic of Egypt Karim Badawithe Minister of Energy, Commerce and Industry of the Republic of Cyprus George Papanastasiouthe CEO of Eni Claudio Descalzi And Totallergies they signed today in Cairo a Host Government Agreement For the exploitation of Cronos resources in Block 6, in Cyprus.
The President of the Arab Republic of Egypt Abdel Fattoh El-Sisi and the President of the Republic of Cyprus Nikos Christadoulides they presided over the signing, which took place during the Egypes opening ceremony, the main energy event in Egypt. This agreement represents a concrete milestone for the creation of a gas hub in the eastern Mediterranean, leveraging on infrastructure existing in Egypt and positioning Cyprus as a manufacturer and exporter of gas.
The agreement outlines a Square full which allows a rapid development of the Cronos gas discovery, in Cyprus’s offshore: the gas will be transported and treated in Zohr’s infrastructure and then liquefied in the LNG of Damietta and exported to European markets.
The CEO of Eni, Claudio Descalzihe commented: “This agreement allows you to bring cypriot gas to the market in a timely manner, contributing to energy safety and the competitiveness of energy supplies. The project leverages existing Egyptian infrastructures, including export systems, which are a Key factor for developments in the region.
Discovered in 2022 and outlined subsequently in 2024, the gas in place of Chronos It is estimated in over 85 billion cubic meters. In addition, block 6 includes other potential resources during the exploration and evaluation phase, including the discovery of Zeus carried out in 2022.
Eni is present at Cyprus Since 2013. Block 6 has been operated by Eni with a 50%participation. Eni is also an operator Block 8 and holds participation shares in blocks 7 and 11.
Eni is present in Egypt Since 1954 ‘Damietta GNL plant.