Italy's Eni and France's TotalEnergies are close to making a final investment decision for the development of the "Kronos" natural gas field in the Cypriot EEZ, according to Bloomberg. The goal of the two companies is to start producing natural gas from 2028, as Europe seeks new sources of energy supply at a shorter distance from its borders.
TotalEnergies CEO Patrick Pujane said during a conference call with analysts that the two companies are "working intensively" so that the final investment decision can be made by the end of July.
The project is expected to add a new, nearby source of natural gas for European markets, which have suffered two serious energy blows in four years.
The war with Iran has disrupted about a fifth of global liquefied natural gas (LNG) flows, while Europe continues to look for alternatives to Russian supplies after the invasion of Ukraine in 2022.
At the same time, the investment is also a milestone for Cyprus, as it will lead to the first commercial exploitation of the country's offshore natural gas deposits, more than ten years after the first discoveries.
The goal is for the natural gas to be transported to Egypt, where it will be liquefied and then exported by tankers to European markets from 2028, as President Nikos Christodoulides had stated in May.
Pujane said the project, which is being developed through a 50%-50% joint venture managed by Eni, will provide TotalEnergies with access to about 1.4 million euros. tons of LNG in Egypt, very close to the European market, while paving the way for the development of additional energy projects in the Cypriot EEZ.
protothema.gr / Newmoney.gr
