Final Investment Decision Nears for Cronos Field

Energy groups Eni and TotalEnergies appear to be approaching a major step in the commercialization of the "Cronos" natural gas deposit in the Cypriot EEZ, as they are close to reaching a final investment decision, according to a report by Bloomberg.

TotalEnergies CEO Patrick Pouyanné stated that the two companies are working intensively so that the final investment decision can be made by the end of July.

Strategic Importance for Europe and Cyprus

The development of the gas field is considered particularly significant for Europe’s energy supply, as the continent seeks new natural gas sources closer to its markets following the reduction of Russian supplies and disruptions in international energy markets.

At the same time, the exploitation of "Cronos" represents a pivotal development for Cyprus, as it is expected to become the country's first commercial offshore gas exploitation project, more than ten years after the initial discoveries.

Natural Gas Headed to Egypt for LNG Export

According to the plan, natural gas from the field will be piped to Egypt, where it will undergo liquefaction (LNG). Subsequently, it will be exported by tankers to European markets, with first deliveries expected from 2028.

Project development is being carried out through a joint venture in which Eni and TotalEnergies each hold a 50% stake, with Eni acting as the operator.

Access to Major LNG Quantities

As highlighted by the head of TotalEnergies, the investment will give the company access to approximately 1.4 million tons of liquefied natural gas (LNG) in Egypt.

Furthermore, this development could serve as a foundation for advancing other energy projects within the Cypriot EEZ, reinforcing the region's importance in Europe’s strategic energy planning.

Source: ink.com