TotalEnergies Approves Development of Cronos Gas Field in Cyprus

TotalEnergies has approved the development of the Cronos gas field in Cyprus, which will supply Europe with liquefied natural gas (LNG).

The Cronos project is a significant milestone for Cyprus, as it marks the country's first gas development. The gas will be transported through existing LNG infrastructure in Egypt and then exported to Europe.

TotalEnergies will market 50% of the LNG, equivalent to 1.4 million tons per year (Mtpa). The company expects production start-up in 2028 with a plateau of around 500 million cubic feet per day (Mcf/d), equivalent to around 2.8 Mtpa.

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.'