Cyprus natural gas: Eni and TotalEnergies ready to sign
Eni and TotalEnergies are working to greenlight Cyprus's Kronos gas field by July, with production slated for 2028 to supply European markets via Egypt.
Eni and TotalEnergies are at an advanced stage of greenlighting the development of the Kronos natural gas field in the Cyprus exclusive economic zone. According to statements by TotalEnergies CEO Patrick Pouyanné during a conference call, the two companies are working intensively to reach a final investment decision by the end of July.
The project comes at a time when Europe is seeking stable and nearby energy sources. After successive shocks to global supply, from the invasion of Ukraine in 2022 to recent developments in the region, the development of Kronos offers a neighboring solution that can strengthen the continent’s energy security.
Historic step for Cyprus
For the island, this development represents a true milestone. It is the first commercial exploitation of offshore deposits, more than a decade after the initial discoveries. The natural gas will be transported to Egypt for liquefaction and then exported by ship to European markets, with operations targeted to begin in 2028, as President of the Republic of Cyprus Nikos Christodoulidis stated last May.
The project will be implemented through a 50-50 joint venture, with Italian company Eni as operator. According to Pouyanné, TotalEnergies will secure access to 1.4 million tons of LNG in Egypt, right in front of the European market. This move could open the way for further projects in the region.
As Newsbomb reports in its coverage, the developments in Cypriot natural gas come at a time when Europe continues to search for alternative sources, away from previous (Russian) dependencies. The final decision by the two major players is expected to give clear signals about the project’s trajectory in the coming weeks.
