Eni has signed the main engineering, procurement, construction, and drilling contracts for the development of the Cronos Project, marking the start of the project's execution phase and a key milestone towards the monetization of Cyprus' first gas development.

Contracts Signed and Execution Phase Formally Underway

The execution phase was formally launched in Nicosia during a ceremony attended by the President of the Republic of Cyprus, Nikos Christodoulides; the Minister of Energy, Commerce, and Industry of the Republic of Cyprus, Michael Damianos; and Eni's Chief Operating Officer, Global Natural Resources, Guido Brusco.

The awarded contracts cover a broad scope of the offshore and onshore development, including the Floating Control Unit, Transportation and Installations, offshore sealines, the Subsea Production System, flexible lines, umbilicals, onshore line EPC, and drilling rig services.

Basis of the Development and Production Targets

The launch of the execution phase follows the final investment decision reached on 28 July 2026 for the development of the Cronos gas discovery in Block 6 offshore Cyprus.

The project is based on gas resources estimated at more than 3 trillion cubic feet of gas initially in place. Eni expects the development to reach a production plateau of up to 500 million standard cubic feet per day, with start-up expected in the first half of 2028.

The development will leverage a fast-track approach based on regional integration and the use of existing infrastructure. According to Eni, gas produced from Cronos will be transported to Egypt, where it will be processed through existing facilities, including the Zohr infrastructure, before being liquefied at the Damietta LNG plant for export to international markets, primarily Europe.

A First for Cyprus

Cronos is Eni's first development project in Cyprus and the country's first hydrocarbon development, a status the company describes as a strategic milestone for the Republic of Cyprus.

Eni states that the project will support the country's emergence as a natural gas producer and exporter while strengthening the integration of energy systems across the Eastern Mediterranean, using existing Egyptian gas and LNG infrastructure.

Eni's Position in Cyprus

Eni has been present in Cyprus since 2013. Block 6, which contains the Cronos discovery, is operated by Eni with a 50% interest alongside partner TotalEnergies. In addition to Block 6, Eni operates Block 8 offshore Cyprus and holds participating interests in Blocks 7 and 11, which are operated by TotalEnergies.

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