TotalEnergies and Eni reached a final investment decision to develop the Cronos gas field in Block 6, offshore Cyprus. This marks the first-ever gas development project for the nation. Both partners hold a 50% stake, with Eni serving as the operator.
Production is scheduled to commence in 2028. The development plan involves four subsea wells connected via pipeline to existing infrastructure in Egypt.
Gas will be processed and liquefied at the Damietta LNG terminal for export to European markets. The project targets a plateau production of 500 million cubic feet per day. This initiative aims to bolster Europe's energy security by diversifying its LNG sources.