TotalEnergies Plans for Kronos Field Development by 2028
TotalEnergies is advancing its gas business in the eastern Mediterranean while assessing its 7.5 GW offshore wind portfolio in Germany. The strategic review is influenced by delays in grid connections and challenging investment conditions.
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TotalEnergies is evaluating its German offshore wind projects, with a capacity of 7.5 GW, amid delays in grid connections from transmission system operators. The company denies immediate exit from these projects but confirms a strategic review of its concessions.
In contrast, the eastern Mediterranean gas sector is progressing, with Cyprus approving a development plan for the Kronos field, which holds approximately 2.5 trillion cubic feet of gas. TotalEnergies, in partnership with Eni, aims to utilize existing infrastructure to transport gas to the LNG terminal in Damietta, with initial exports targeted for 2028.
Investor confidence remains strong, as TotalEnergies' stock is up 41.77% year-to-date, reflecting positive market sentiment towards its energy and LNG portfolio. The focus will be on how TotalEnergies allocates capital between its European wind projects and global gas initiatives.
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