Eni signs Cronos gas contracts, launching execution phase offshore Cyprus
Eni has signed the main engineering, procurement, construction and drilling contracts for the Cronos gas project in Block 6 offshore Cyprus, launching the execution phase ahead of planned first production in the first half of 2028.
Eni has signed the main engineering, procurement, construction and drilling contracts for the Cronos gas project offshore Cyprus, launching the project’s execution phase.
The execution phase was formally launched on Monday 26 October 2026 in Nicosia, at a ceremony attended by Cyprus President Nikos Christodoulides, Energy Minister Michael Damianos and Eni Chief Operating Officer Global Natural Resources Guido Brusco, Eni said.
The contracts cover a Floating Control Unit, transportation and installation works, offshore sealines, a Subsea Production System, flexible lines, umbilicals, onshore line engineering, procurement and construction, and drilling rig services. They follow the final investment decision reached on 28 July 2026 for the Cronos discovery in Block 6 offshore Cyprus.
Eni estimates the field holds more than 3 trillion cubic feet of gas initially in place, with production expected to reach a plateau of up to 500 million standard cubic feet per day and start-up expected in the first half of 2028.
Gas from Cronos will be transported to Egypt, processed through existing facilities including the Zohr infrastructure, and liquefied at the Damietta LNG plant for export to international markets, primarily Europe.
Cronos is Cyprus’s first hydrocarbon development and Eni’s first development project in Cyprus. Eni operates Block 6 with a 50% interest alongside partner TotalEnergies. Cyprus Inform put the value of the contracts signed on Monday at $1.8 billion; Eni’s own release gives no total contract value. (Some outlets render the field name as Kronos; Eni’s official spelling is Cronos.)
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