Eni and TotalEnergies Greenlight Cronos Gas Development Offshore Cyprus

Eni and TotalEnergies have made a final investment decision to develop the Cronos gas field off Cyprus, marking the country's first gas project. The field is located in offshore Block 6 and will be developed by Eni as operator with a 50% stake, while TotalEnergies also holds 50%. Gas from the Cronos field will be transported through a subsea pipeline to Egypt, where it will be liquefied at the Damietta LNG terminal before being exported to European markets.

Production is expected to begin in 2028 and reach a plateau of around 500 million cubic feet per day, equivalent to approximately 2.8 million tonnes per annum (Mtpa) of LNG. TotalEnergies will market 50% of the LNG production, or about 1.4 Mtpa. The project relies partly on existing Egyptian infrastructure, including offshore facilities at the Zohr field, allowing for a fast-track development while reducing costs and the carbon intensity of production.

TotalEnergies' Chairman and Chief Executive Officer Patrick Pouyanné said: 'We are pleased to launch this new project alongside Eni, with the support of the Cypriot and Egyptian governments. This new gas route in the Mediterranean will contribute to Europe's energy security by diversifying its LNG supply sources.'

The project could also enable the future development of additional gas resources in Block 6, which are due to be appraised in upcoming exploration campaigns.