Eni and TotalEnergies are no closer to taking a final investment decision (FID) to develop the 3.1tcf (gas in place) Cronos gas field in Block 6 offshore Cyprus after they issued Nicosia with a deadline to approve their development and production plan (DPP), MEES learns. The 50:50 partners remain at loggerheads with Nicosia regarding project liabilities, which forced them delay a planned announcement of FID last month (MEES, 3 April).
In late March, the partners gave Nicosia until May to respond, although the exact deadline remains unclear. It is also not clear whether the ultimatum implies a potential withdrawal from the project or a renegotiation of terms. (CONTINUED - 874 WORDS)
