A consortium of Eni and TotalEnergies has taken the final investment decision to develop the Cronos gas field off Cyprus and link it to Egyptian processing facilities, Egypt's petroleum minister said.
Egypt’s Minister of Petroleum and Mineral Resources Karim Badawi announced the decision during a meeting with Prime Minister Mostafa Madbouly in New Alamein City. Gas from the field will be transported to Egypt, processed through existing facilities and liquefied at the Damietta plant for export to European markets.
Badawi said the move strengthens Egypt’s role as a regional gas trading hub. He also reported that crude oil production reached its highest level in two years after clearing arrears to partners.
The minister further noted a new discovery at the Wanda well in the Western Desert, which produces about 40 million cubic feet of gas per day. Prime Minister Madbouly stressed the sector’s importance to the economy and energy security.