TotalEnergies (NYSE: TTE) and Eni have taken a Final Investment Decision to develop the Cronos gas field offshore Cyprus, according to a company press release. The two companies each hold a 50% stake in Cyprus offshore Block 6, with Eni serving as operator.

Cronos, discovered in 2022 and appraised in 2024, is located in deep offshore waters approximately 185 kilometers southwest of Cyprus. The field will be developed through four subsea wells, with gas transported by subsea pipeline to Egypt, where it will be liquefied at the Damietta LNG terminal before export to Europe.

Plateau production is expected to reach 500 million cubic feet per day, equivalent to around 2.8 million tons of LNG per year. TotalEnergies will market 50% of that output, or approximately 1.4 million tons per year. Production start-up is targeted for 2028.

The project relies partly on existing facilities in Egypt, including offshore infrastructure from the Zohr field. A Host Government Agreement covering the terms of gas transit and liquefaction was signed in February 2025.

"This new gas route in the Mediterranean will contribute to Europe's energy security by diversifying its LNG supply sources," said Patrick Pouyanné, Chairman and Chief Executive Officer of TotalEnergies.

TotalEnergies also holds interests in Cyprus offshore Blocks 11, 7, and 8.