ENI AND TOTALENERGIES TO LIQUEFY CYPRUS GAS IN EGYPT FOR EXPORT TO EUROPEE

A joint venture between Italy's Eni and France's TotalEnergies has reached an agreement with Egypt to liquefy gas produced off the coast of Cyprus, in Egypt. The plan is to liquefy gas from the Cronos field in Cyprus at the Damietta LNG plant in Egypt, and then export the LNG to Europe. According to Interfax, citing reports from two companies, the corresponding agreements were signed with the authorities of Cyprus and Egypt.

The Cronos field was discovered in 2022, and its reserves of blue fuel are estimated at 85 billion cubic meters. m, geological exploration of the project continues.

Egypt has a gas liquefaction capacity of 12 million tons per year, but due to the rapid growth of domestic demand and the decline in gas production, it has not exported LNG for several years. Egypt resumed exports of liquefied gas in the summer of 2024.

"NiK" emphasizes that international giants Eni and TotalEnergies have projects in both Cyprus and Egypt. The ability to effectively develop hydrocarbons opens all doors for them and allows them to implement a wide range of oil and gas field development projects.