TotalEnergies and Eni have taken the Final Investment Decision (FID) for the development of the Cronos gas field in Cyprus’ offshore Block 6, advancing a major project aimed at supplying European energy markets through Egypt’s LNG infrastructure.
The partners, each holding a 50 per cent stake with Eni as
operator, will develop Cronos through four subsea wells located approximately
185 kilometres southwest of Cyprus.
Gas will be transported via subsea pipeline to Egypt, where
it will be processed and liquefied at the Damietta LNG terminal before being
exported to Europe.
Production is expected to begin in 2028, with the field
forecast to reach a plateau of around 500 million cubic feet per day,
equivalent to approximately 2.8 million tonnes of LNG annually.
TotalEnergies will market 50 per cent of the LNG volumes.
The development will leverage existing Egyptian
infrastructure, including facilities linked to the Zohr field, enabling faster
project delivery, operational efficiencies and lower carbon intensity.
Key commercial agreements covering offshore facilities
access, gas transit, LNG processing and sales were finalised following a Host
Government Agreement signed in February 2025.
The Cronos project could also support future development of
additional resources within Cyprus’ Block 6, which will be evaluated through
upcoming exploration campaigns.
“We are pleased to launch this new project alongside Eni,
with the support of the Cypriot and Egyptian governments. As Cyprus’ first gas
development project, Cronos will support the development of a new regional gas
hub in the Eastern Mediterranean, leveraging Egypt’s infrastructure. This new
gas route in the Mediterranean will contribute to Europe’s energy security by
diversifying its LNG supply sources” said Patrick Pouyanné, Chairman and
Chief Executive Officer of TotalEnergies. “By relying on existing gas
processing capacities, this project is aligned with our strategy of prioritising
low-cost and low-emission projects. Cronos will also contribute to the growth
of TotalEnergies’ LNG portfolio which is expected to reach 60 Mtpa by 2030.”
TotalEnergies continues to expand its presence in Cyprus,
with interests in offshore Blocks 7, 8 and 11. -OGN/TradeArabia News Service