Eni and TotalEnergies announced on Tuesday that they have taken the final investment decision for the deep‑water offshore project in the Cronos field, located off the coast of Cyprus.

The Cronos field is a notable natural gas discovery in the Eastern Mediterranean, and the joint venture aims to develop the resource to supply gas to European markets seeking to diversify their energy sources.

Both companies stated that the decision follows a thorough technical and commercial evaluation, and that the planned development will include subsea wells, a floating production storage and offloading unit, and export pipelines to transport the gas to shore.

The partnership highlights the strategic cooperation between Eni and TotalEnergies to bolster Europe’s energy security amid evolving supply dynamics, and marks a step forward in monetising offshore gas assets in the region.

Subject to regulatory approvals and the completion of engineering work, the project is expected to commence production in the latter half of this decade, contributing to regional gas supply.