The Cronos field will transform Cyprus from a country with gas potential into a gas producer. After years of hope and frustration, Cyprus plans to produce its first gas in 2028. Cronos is operated by Eni (50%) alongside TotalEnergies (50%) and its 1.9tcf of 2P recoverable reserves underpin a $2.2bn development that is intended to enable plateau production of 500mn cfd. FID was taken on 28 July (MEES, 31 July).
The field contains 3.1tcf of gas in place, meaning that around 61% is currently classified as 2P recovera-ble reserves. The relatively modest capital requirement, compared to $4bn for Cyprus’ 3.7tcf (2P) Aphro-dite where a plateau of 700mn cfd is targeted, reflects the utilization of existing Egyptian infrastructure. (CONTINUED - 795 WORDS)
