TotalEnergies Greenlights Cronos Gas Field Development

TotalEnergies has made a significant move in the energy sector by approving the development of the Cronos Gas field, located off the coast of Cyprus. This project is expected to supply Europe with liquefied natural gas (LNG) and marks a major milestone for the region's energy industry.

The Cronos Gas field will be developed through four subsea wells and transported by pipeline from Cypriot waters to Egypt, where it will be liquefied at the Damietta LNG terminal. The project is expected to reach production start-up 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 and Eni, the operator, will market 50% of the LNG produced from the Cronos field, equivalent to 1.4 Mtpa. This project is expected to contribute significantly to Europe's energy security by diversifying its LNG supply sources.