Eni and TotalEnergies rob FID for Cyprus’ first gasoline development

Eni and TotalEnergies like taken the final funding determination (FID) for the development of Cronos, the first gasoline development in Cyprus, with manufacturing initiate up-up anticipated in 2028.

Operated by Eni and positioned in deep offshore waters approximately 185 kilometers southwest of the flee of Cyprus, in offshore Block 6, Cronos became stumbled on in 2022 and appraised in 2024.

The discipline shall be developed thru four subsea wells and could merely soundless partly depend upon recent products and companies in Egypt. Fuel shall be transported by subsea pipeline from Cyprus to Egypt, the attach this could also be processed in Zohr products and companies and then liquefied at the Damietta LNG terminal outdated to being exported to global markets, essentially Europe.

Production initiate up-up is predicted in 2028, with a plateau of around 500 million cubic toes per day (Mcf/d), such as around 2.8 million hundreds LNG per year (Mtpa), 50% of which is ready to be marketed by TotalEnergies.

“We’re jubilant to originate this new mission alongside Eni, with the meat up of the Cypriot and Egyptian governments. As Cyprus’ first gasoline development mission, Cronos will beef up the development of a new regional gasoline hub in the Eastern Mediterranean, leveraging Egypt’s infrastructure. This new gasoline route in the Mediterranean will make a contribution to Europe’s vitality safety by diversifying its LNG present sources,” stated Patrick Pouyanné, Chairman and Chief Executive Officer of TotalEnergies.

“By counting on recent gasoline processing capacities, this mission is aligned with our system of prioritizing low-rate and low-emission projects. Cronos will furthermore make a contribution to the expansion of TotalEnergies’ LNG portfolio which is predicted to be triumphant in 60 Mtpa by 2030.”

By means of the advertising and marketing of fifty% of the LNG volumes, such as 1.4 Mtpa, Eni stated it would possibly possibly possibly expand its shrunk LNG portfolio, supporting its ambition to exceed 20 Mtpa by 2030.

With the host authorities agreement inked in February 2025, the main commercial and contractual agreements required for the development of the mission like been signed, defining the phrases for the utilization of the offshore products and companies of the Zohr discipline, the transit of gasoline thru Egypt, liquefaction at Damietta LNG, and the sale of the gasoline as LNG.

In Cyprus, Eni and TotalEnergies are furthermore partners in Blocks 7, 8 and 11. TotalEnergies operates Blocks 7 and 11, with Eni working Block 8 the attach TotalEnergies holds 40%.