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FINWIRES

TotalEnergies, Eni Approve Cyprus Gas Project to Supply LNG to Europe

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TotalEnergies (TTE) said Tuesday that it and partner Eni (E) reached a final investment decision to develop the Cronos gas field offshore Cyprus, marking the country's first gas development project.

The companies, each holding a 50% stake in Block 6, expect production to begin in 2028, with gas transported to Egypt for liquefaction and export to Europe. Output is expected to reach about 500 million cubic feet of gas per day, equivalent to 2.8 million metric tons of LNG annually.

TotalEnergies said it will market 50% of the LNG production, or about 1.4 million metric tons per year.

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