TotalEnergies and Eni Greenlight Cronos Gas Field Development
TotalEnergies and Eni have made a final investment decision to develop the Cronos gas field, located approximately 185 km southwest of Cyprus. The field was discovered in 2022 and successfully appraised in 2024. It will be developed through four subsea wells, with gas transported via subsea pipeline from Cypriot waters to Egypt for liquefaction at the Damietta LNG terminal.
The development will partly rely on existing facilities in Egypt, generating significant synergies for a fast-track development and reducing carbon intensity. Production start-up is expected in 2028, with an estimated plateau of around 500 million ft3/d, equivalent to approximately 2.8 million tpy of LNG.
TotalEnergies will market 50% of the gas produced, while Eni operates the field as a 50/50 partner. The project could also enable the development of additional resources located in Block 6, which will be appraised during upcoming campaigns.
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.'