Cyprus Takes First Step as Major Gas Player with Eni and TotalEnergies Cronos Project

The Republic of Cyprus has taken its first step in becoming a major player in the European gas market, thanks to a new project involving two of the world's largest energy companies.

Eni and TotalEnergies have made the final investment decision to develop the Cronos gas field in deep waters offshore Cyprus. The project, operated by Eni with a 50% stake, will bring to production the gas volumes from the Cronos field, which holds over 3 trillion cubic feet of gas initially in place.

Production is expected to reach a plateau of around 500 million cubic feet per day, making it one of the largest gas producers in the region. The gas will be transported and processed in existing Zohr facilities in Egypt before being liquefied and exported to international markets primarily in Europe.

TotalEnergies' chairman and CEO Patrick Pouyanné commented that this new gas route in the Mediterranean will contribute to Europe's energy security by diversifying its LNG supply sources. Eni's chief executive Claudio Descalzi added that this project marks a concrete milestone in positioning Cyprus as a European gas producer and exporter.