TotalEnergies Greenlights Cronos Gas Field Development

TotalEnergies has approved the development of the Cronos gas field in Cyprus, which will supply Europe with liquefied natural gas (LNG). The project, a joint venture between TotalEnergies and Eni, will be developed through four subsea wells and produce around 500 million cubic feet per day (Mcf/d) of gas. This is equivalent to approximately 2.8 million tons of LNG per year.

The Cronos field is located in deep offshore waters, about 185 kilometers southwest of the coast of Cyprus. The gas will be transported by subsea pipeline from Cypriot waters to Egypt, where it will be liquefied at the Damietta LNG terminal before being exported to Europe.

TotalEnergies will market 50% of the LNG produced from the Cronos field, which is expected to start up in 2028. The project's development will partly rely on existing facilities in Egypt, generating significant synergies for a fast-track development and reducing the carbon intensity of the field's production.

Patrick Pouyanné, Chairman and Chief Executive Officer of TotalEnergies, 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.'