Eni has opened the execution phase for Cyprus’ Cronos gas field under contracts valued at up to $1.8 billion, advancing plans to send its output to international markets through Egypt.
President Nikos Christodoulides put the package’s maximum value at $1.8 billion on Oct. 26. Eni said the agreements were signed at a ceremony in Nicosia and cover engineering, procurement, construction and drilling. Its listed packages include offshore and onshore pipelines, subsea production systems and rig services.
Cronos lies within Cyprus’ offshore Block 6. Energy Minister Michael Damianos said the field’s gas initially in place exceeds three trillion cubic feet. Eni expects plateau production of about 500 million standard cubic feet per day, with production targeted to begin in the first half of 2028.
Under Eni’s plan, the gas would go to Egypt for processing at facilities connected with the Zohr field, then to the Damietta liquefied natural gas (LNG) plant. Eni expects exports to reach international markets, with Europe as the primary destination.
Damianos said using Egyptian infrastructure could improve project economics and speed delivery. A February 2025 agreement among Cyprus, Egypt, Eni and TotalEnergies set out how Block 6 gas would be developed and exported through Egypt.
The contracts follow Eni and TotalEnergies’ final investment decision on July 28, 2026. Eni operates Block 6 with a 50% interest, and TotalEnergies holds the remaining 50%. Eni says Cronos was discovered in 2022 and appraised in 2024; it identifies the project as Cyprus’ first hydrocarbon development. Eni CEO Claudio Descalzi said Cronos could help make Cyprus a supplier to European gas buyers.
TotalEnergies has projected annual output of about 2.8 million metric tons of LNG and said it would market half of that volume.
