TotalEnergies, Eni Ink Joint Deal With Egypt And Cyprus For Natural Gas Exports: Retail’s Still Bearish

TotalEnergies (TTE) stock garnered retail attention on Tuesday after the company, alongside Italy's Eni, signed an agreement with Egypt and Cyprus to export natural gas from Cyprus through Egypt.

The agreement, signed on Monday, would allow the companies to process the natural gas produced from the Cronos offshore field in Cyprus at Egypt’s offshore Zohr facilities and then liquefy in the Damietta LNG plant in Egypt for export to European markets.

The Cronos field is Located in Cyprus Block 6. It was discovered in 2022 and successfully appraised in February last year.

“TotalEnergies is very pleased to be part of the opening of an export route through Egypt for Cyprus gas. This Host Government Agreement represents a major step in valorizing the Cyprus gas through available LNG capacities in Egypt, contributing to Europe's energy security by bringing additional LNG volumes,” said TotalEnergies executive Julien Pouget.

TotalEnergies and Eni each hold 50% stakes in Cronos. ENI is the operator of the project.

Earlier this month, TotalEnergies signed an agreement to supply 400,000 tons of LNG to the Indian firm Gujarat State Petroleum Corporation.

The French energy major had forecast a 3% growth in hydrocarbon output in 2025, aided by production ramp-ups in the Gulf of Mexico and Brazil.

However, retail sentiment about TotalEnergies on Stocktwits moved lower to ‘bearish’ (42/100) territory from ‘neutral’(49/100) a day ago, while retail chatter remained ‘extremely low.’

Over the past year, TotalEnergies U.S. shares have fallen nearly 4%.

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