TotalEnergies will market half the resulting LNG volumes, equivalent to around 1.4 million tonnes a year, with Eni taking the other half. Patrick Pouyanné, CEO of TotalEnergies, sees the project as a cost-effective endeavour.
“ By relying on existing gas processing capacities, this project is aligned with our strategy of prioritising low-cost and low-emission projects,” he says.
He also says that Cronos will help TotalEnergies grow its LNG portfolio towards an ambition of 60 million tonnes a year by 2030, while Eni has set its own target of exceeding 20 million tonnes annually.
Both companies are framing Cronos as a template for low-carbonintensity gas development, given how much of the required infrastructure already exists.
Whether that framing survives scrutiny will depend on how quickly Damietta’ s restart proves durable this time, and on how European buyers weigh new longterm LNG commitments against their own decarbonisation targets.
For Cyprus, though, the more immediate significance is straightforward: after more than a decade of exploration in its waters, the country finally has gas heading towards production.
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