Cyprus’ cabinet approved the development and production plan (DPP) for the 3.1tcf (gas in place) Cronos field on 19 May. The approval paves the way for Eni and TotalEnergies (50% each) to take a final investment decision (FID). Nicosia’s earlier refusal to sign off on the DPP due to concerns over project liabilities had threatened to derail the project (MEES, 15 May).
Those concerns have not been fully met, MEES understands, but Cyprus President Nikos Christodoulides saw more merit in giving the project the green light rather than chasing optimal commercial terms. (CONTINUED - 245 WORDS)