TotalEnergies clears Cyprus Cronos gas project with Eni, targets 2028 start-up
AI Market Summary
TotalEnergies and ENI took FID on Cyprus' Cronos offshore gas project, targeting 2028 start-up and ~2.8 Mtpa LNG at plateau, leveraging Egypt's Damietta liquefaction for exports to Europe. The decision supports TotalEnergies' LNG growth strategy and strengthens Eastern Mediterranean supply positioning, partially offsetting near-term concerns from recent earnings misses and regional production disruptions.
Impact level
● Medium
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TotalEnergies has formally approved the Cronos natural gas project offshore Cyprus, with first output expected in 2028 and a plateau of about 500 million cubic feet per day, or roughly 2.8 million tons of LNG per year. The gas is set to be shipped by subsea pipeline to Egypt’s Damietta liquefaction terminal and exported to Europe. TotalEnergies will market 50% of the LNG, about 1.4 Mtpa. The project strengthens the group’s position in the Eastern Mediterranean gas supply chain and adds to its expected LNG supply.
