Egypt’s Minister of Petroleum and Mineral Resources, Karim Badawi, Cyprus’ Minister of Energy, Commerce, and Industry, George Papanastasiou, along with Eni CEO Claudio Descalzi and TotalEnergies, signed a Host Government Agreement today in Cairo for the development of the Cronos gas resources in Block 6, Cyprus. The signing ceremony took place during the opening of the EGYPES energy event, in the presence of Egyptian President Abdel Fattah El-Sisi and Cypriot President Nikos Christodoulides.

The agreement marks a milestone in the creation of a gas hub in the Eastern Mediterranean, leveraging Egypt’s existing infrastructure and positioning Cyprus as a gas producer and exporter. It establishes a comprehensive framework for the rapid development of the Cronos gas discovery, located offshore Cyprus. The gas will be transported and processed at the Zohr facility before being liquefied at the Damietta LNG plant and exported to European markets.

“This agreement allows Cypriot gas to reach the market in a timely manner, contributing to energy security and the competitiveness of energy supplies,” commented Descalzi.

Discovered in 2022 and further delineated in 2024, Cronos holds an estimated 85 billion cubic meters of gas in place. Additionally, Block 6—operated by Eni with a 50% stake—includes further potential resources currently under exploration and assessment.