The agreement for the construction and installation of infrastructure for the development of the Cronos natural gas field in Block 6 of Cyprus’ Exclusive Economic Zone was signed at the Presidential Palace on Monday, in the presence of President Nikos Christodoulides, with Eni describing the project as a strategic milestone for Cyprus’ energy future.
Before the ceremony, President Christodoulides met with representatives of Eni, as the project moved into its execution phase following the Final Investment Decision taken by Eni and TotalEnergies on 28 July 2026.
‘Cronos is a strategic project: it is a demonstration of our execution in action,’ Eni Chief Operating Officer for Global Natural Resources Guido Brusco said, noting that it combines exploration success, fast-track development, regional integration and the use of existing infrastructure.
Brusco said the project is Eni’s first development project in Cyprus and marks the company’s commitment to becoming a long-term partner in the country’s energy future. He also described it as a historic milestone for Cyprus, as the country’s first hydrocarbon development project.
Cronos unlocks new gas resources for Europe
————————-
Brusco stressed the project’s European dimension, saying Cronos would unlock new gas resources developed by European companies and intended mainly for European markets.
‘At the historical juncture of global energy transition, energy security and stability, Cronos development unlocks new European gas developed by European companies, designed to supply gas mainly to the European markets, to ensure secure, affordable and low-emission energy,’ he said.
Energy, Commerce and Industry Minister Michalis Damianos said the project would bring Cyprus closer to producing its first natural gas and contribute to European energy security through diversified supplies and regional cooperation.
‘For Cyprus, however, the importance of Cronos extends well beyond its estimated resources,’ Damianos said, describing it as the country’s first hydrocarbon development project and a step towards turning offshore discoveries into ‘concrete economic and strategic value’.
He said that, amid continuing geopolitical uncertainty, additional and diversified sources of supply were increasingly important. ‘Through projects such as Cronos, the Eastern Mediterranean can contribute to Europe’s energy security and reinforce its links with reliable regional partners,’ he said.
Cronos is estimated to contain more than 3 trillion cubic feet of natural gas and is expected to reach a production plateau of up to 500 million standard cubic feet per day. Production is expected to begin in the first half of 2028.
Under the development plan, gas will be transported to Egypt and processed through existing facilities, including infrastructure associated with the Zohr field, before being liquefied at the Damietta LNG terminal for export primarily to European markets.
Damianos said the use of established infrastructure could improve project economics, avoid unnecessary duplication and accelerate the delivery of gas to international markets. The project creates ‘a regional value chain linking Cyprus’ resources, Egypt’s infrastructure and European demand’, he said.
He also highlighted the longstanding strategic relationship between Cyprus and Egypt, thanking the Egyptian Government and authorities for their contribution to establishing a viable route for commercialising Cronos gas.
First gas sales expected in 2028, two more wells planned
————————————–
According to CNA sources, the first sale of natural gas from Cronos is expected between March and July 2028, while Eni is planning two additional wells in Block 6 by the end of 2026, as it believes further gas resources could be discovered.
Eni and ExxonMobil have exchanged data and are examining the possibility of cooperation, CNA has also learnt. ExxonMobil has considered plans to transport natural gas to Egypt and bring gas to Cyprus from Block 4. The possibility of a pipeline linking Block 4 with Vasilikos has also been considered by ExxonMobil. No final decisions on these plans have been announced.
Contracts cover main development works
——————————–
The contracts signed cover the main engineering, procurement, construction, installation and drilling activities required for the development of the field.
The work packages involve Baker Hughes for subsea production systems; Dalmine for gas export and MEG pipelines; TechnipFMC for production flexible flowlines; McDermott for transportation and offshore installation of subsea equipment and pipelines; Oceaneering for umbilicals; CMHI for the Floating Control Unit; Petrojet for a new onshore gas pipeline connecting Zohr and Damietta; and Saipem for offshore drilling services using the Saipem 10000 rig.
Eni has been active in Cyprus since 2013 and operates Block 6, in which it holds a 50% interest alongside TotalEnergies, which holds the remaining 50%. Eni also operates Block 8 and has interests in Blocks 7 and 11, operated by TotalEnergies.