TotalEnergies and Eni have jointly approved the development of the Cronos gas field in Cyprus’ offshore Block 6 following a final investment decision. <\/p>\n
The two companies each hold a 50% stake in the project, with Eni acting as operator. Cronos was discovered in 2022 and appraised in 2024, and will be developed through four subsea wells. <\/p>\n
Gas from the field, which is located approximately 185km south-west of Cyprus, will be sent via subsea pipeline to Egypt. There, it will be liquefied at the Damietta liquefied natural gas (LNG) terminal before being exported to Europe. <\/p>\n
The development will use existing infrastructure in Egypt to create synergies intended to expedite project delivery and reduce carbon intensity. <\/p>\n
Production is scheduled to start in 2028, with output projected at around 500 million cubic feet per day, or roughly 2.8 million tonnes per annum (mtpa) of LNG. TotalEnergies will market 50% of the LNG produced from Cronos. <\/p>\n
Key agreements to enable the project’s progression followed a February 2025 Host Government Agreement. <\/p>\n
These contracts establish terms for using offshore facilities in the Zohr field, gas transit through Egypt, liquefaction at the Damietta plant and the eventual LNG sale. <\/p>\n
There is an option for future appraisal of further resources in Block 6, which may support additional development. <\/p>\n
TotalEnergies chairman and CEO Patrick Pouyann\u00e9 said: “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. <\/p>\n
“This new gas route in the Mediterranean will contribute to Europe’s energy security by diversifying its LNG supply sources. 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 60mtpa by 2030.” <\/p>\n
TotalEnergies is also involved in offshore Blocks 11, 7 and 8 in Cyprus, holding various operator and partner roles. <\/p>\n
The company, which reported a global LNG portfolio forecast of 44 million tonnes in 2025, has set targets to increase the proportion of natural gas in its sales mix and reduce emissions from the gas value chain. <\/p>\n
Earlier this month, TotalEnergies reported net income of $5.4bn<\/a> (\u20ac4.74bn) in the second quarter of 2026, a 100% increase from $2.7bn in the same period of the previous year. <\/p>\n