TotalEnergies and Eni Greenlight Cronos Gas Project in Cyprus

TotalEnergies and Eni have made a significant investment decision for the Cronos gas project in Cyprus. The two companies, who hold equal stakes of 50% each, will develop the Cronos field through four subsea wells. This development will rely on existing facilities in Egypt, generating synergies that will help accelerate the start-up and reduce carbon intensity.

The gas produced from Cronos will be transported by subsea pipeline to Egypt, where it will be liquefied at the Damietta LNG terminal before being exported to Europe. The project is expected to reach production in 2028 with a plateau of around 500 million cubic feet per day (Mcf/d), equivalent to approximately 2.8 million tons of LNG per year.

TotalEnergies' Chairman and CEO, Patrick Pouyanné, said: 'We are pleased to launch this new project alongside Eni, with the support of the Cypriot and Egyptian governments.' He added that Cronos will contribute to Europe's energy security by diversifying its LNG supply sources.