Cyprus' First Gas Development Project Aims for 2028 Completion

Cyprus has taken a significant step towards becoming a key player in the global energy market. TotalEnergies, in partnership with Eni, has made a final investment decision to develop the Cronos gas field, located approximately 185 kilometers southwest of Cyprus' coast. The development is expected to send liquefied natural gas (LNG) to Europe by 2028.

The Cronos project will rely on existing facilities in Egypt, leveraging synergies for a fast-track development that will accelerate its start-up and reduce carbon intensity. Production is expected to reach around 500 million cubic feet per day, equivalent to approximately 2.8 million tons of LNG per year.

TotalEnergies will market 50% of the LNG produced, or about 1.4 million tons per annum. The project marks Cyprus' first gas development and will contribute to Europe's energy security by diversifying its LNG supply sources.