Wire flash
FinanceCyprus approves first gas project with Eni and TotalEnergies
Editorial responsibility
- No named human review is recorded for this page.
- Source reporting is collected, normalized, translated or condensed automatically when needed.
- Automatically published source-backed update
Eni and TotalEnergies have taken the final investment decision to develop the Cronos gas field in deep waters offshore Cyprus, marking the Mediterranean country's first hydrocarbon development. The Cronos field, located in Block 6, holds more than 3 trillion cubic feet of gas initially in place. Production is expected to reach a plateau of around 500 million cubic feet per day, equivalent to about 2.8 million tons of LNG per year. First gas is targeted for 2028. The gas will be transported and processed at existing Zohr facilities in Egypt, then liquefied at Egypt's Damietta LNG plant for export to international markets, primarily Europe. Eni operates the project with a 50% stake, while TotalEnergies holds the other 50%. Both companies will market their respective shares of LNG. The project positions Cyprus as an emerging European gas producer and supports the establishment of a regional gas hub in the Eastern Mediterranean.
Source report
Eni and TotalEnergies have taken the final investment decision to develop the Cronos gas field in deep waters offshore Cyprus, marking the Mediterranean country’s first hydrocarbon development. First gas is expected to reach the market in 2028.
Project Overview
The Cronos project, operated by Eni with a 50% stake and partner TotalEnergies holding the remaining 50%, will bring gas volumes from the Cronos field in Block 6 to production. The field holds more than 3 trillion cubic feet (Tcf) of gas initially in place (GIIP), the European majors announced on Tuesday.
Production is expected to reach a plateau of approximately 500 million cubic feet per day (Mcf/d), equivalent to around 2.8 million tons of LNG per year (Mtpa).
Infrastructure and Export Route
Gas from Cronos will be transported and processed in existing Zohr facilities in Egypt, then transferred and liquefied at Egypt’s Damietta LNG plant for export to international markets, primarily Europe.
Key Milestones
- Discovery: Cronos was discovered in 2022 and successfully appraised in 2024.
- Significance: It is Eni’s first development in Cyprus and the country’s inaugural hydrocarbon project.
- LNG Marketing: TotalEnergies and Eni will each market 50% of the LNG volumes for exports, strengthening their LNG trade portfolios.
Executive Commentary
Claudio Descalzi, CEO of Eni, stated:
“Cronos fast-track initiative marks a concrete milestone in positioning Cyprus as a European gas producer and exporter and it unlocks the establishment of a regional gas hub in the Eastern Mediterranean by leveraging Egypt’s existing hydrocarbon infrastructure.”
Patrick Pouyanné, Chairman and CEO of TotalEnergies, commented:
“This new gas route in the Mediterranean will contribute to Europe’s energy security by diversifying its LNG supply sources.”
Regional Context
Cyprus and Greece have been competing to become gas hubs for increased supply to Europe as energy supermajors expand their presence in the eastern Mediterranean. Last year, Exxon confirmed a sizable gas discovery offshore Cyprus, while earlier this year a Chevron-led consortium with Helleniq Energy signed lease contracts for oil and gas exploration offshore Greece.
By Tsvetana Paraskova for Oilprice.com
Source
OilPrice.com Daily News UpdateWestern
Part of this Story
Cyprus Launches First Gas Project with Eni and TotalEnergies Backing