TotalEnergies Shares Advance After Greenlighting Cyprus Cronos Gas Development With Eni, Targets First Output in 2028
AI Market Summary
TotalEnergies' approval of the Cyprus Cronos gas project with ENI, targeting 2028 start-up and meaningful LNG-linked volumes routed via Egypt's Damietta terminal to Europe, improves visibility on future Eastern Mediterranean supply. The decision supports European diversification away from constrained sources and strengthens majors' LNG portfolios and marketing optionality. Near term, it is modestly supportive for European integrated energy equities and regional gas/LNG sentiment.
Impact level
● Medium
Affected assets
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▲ Bullish
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French energy major TotalEnergies has given final approval to the Cronos natural gas project offshore Cyprus, with start-up targeted for 2028. Peak output is expected to reach 500 million cubic feet per day, equivalent to around 2.8 million tonnes per year of LNG.
Gas from the field will be transported via subsea pipeline to the Damietta liquefaction terminal in Egypt for processing, then shipped to Europe. TotalEnergies will market 50% of the volumes, about 1.4 million tonnes per year.
The decision strengthens the company's position in the Eastern Mediterranean gas supply chain and supports its LNG supply outlook.
