TradingView- TotalEnergies and Eni have approved the development of the Cronos gas field in Cyprus to supply Europe with liquefied natural gas.
- The production startup is expected in 2028, with 2.8 million metric tons of LNG per year.
- The Cronos gas field is a major natural gas discovery in Block 6 of Cyprus' exclusive economic zone in the Mediterranean Sea.
- It is estimated to hold more than 3 trillion cubic feet of gas, with plans to pipe and process the reserves in Eni's existing facilities in Egypt for export towards Europe.
- As Cyprus’ first gas 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.
TotalEnergies and Eni have officially approved the development of the Cronos gas field in Cyprus, marking a significant step in enhancing Europe’s energy landscape. The project, located in Block 6 of Cyprus' exclusive economic zone, is a 50/50 joint venture between the two companies.13
The Cronos field is estimated to hold over 3 trillion cubic feet of natural gas and is projected to produce 2.8 million metric tons of liquefied natural gas (LNG) annually, with production slated to commence in 2028. The LNG will be marketed equally between TotalEnergies and Eni, ensuring a balanced partnership.24
This initiative is poised to support the establishment of a new regional gas hub in the Eastern Mediterranean, leveraging existing infrastructure in Egypt for processing and export. The project aims to create a new gas route that will significantly contribute to Europe's energy security by diversifying its LNG supply sources, a critical factor in the current geopolitical climate.5
As Cyprus' first gas project, Cronos represents a pivotal development in the region's energy strategy, aligning with broader efforts to enhance energy independence and sustainability across Europe.
“The Cronos gas field is estimated to hold over 3 trillion cubic feet of gas, with production expected to yield 2.8 million metric tons of LNG annually. This project will support the establishment of a new regional gas hub in the Eastern Mediterranean, enhancing Europe's energy security by diversifying its LNG supply sources.”
