Cyprus signs $1.8 billion contract to develop Kronos gas field

On October 26, 2026, the Republic of Cyprus signed eight contracts worth up to $1.8 billion to initiate the development of the Kronos gas field, located in Block 6 of its exclusive economic zone. The signing ceremony, held at the Presidential Palace in Nicosia, was attended by President Nikos Christodoulides, Energy Minister Michalis Damianos, and Guido Brusco, the Chief Operating Officer of the Italian energy giant Eni. The project is a collaboration between Eni and France’s TotalEnergies, representing the first major hydrocarbon development for the country.

The initiative involves constructing subsea infrastructure to extract, process, and transport natural gas via pipeline to Egypt. Once processed, the gas will be sent to the Segas terminal in Damietta for liquefaction and subsequent export, primarily to European markets. The field is estimated to hold over 3 trillion cubic feet of natural gas, with anticipated production reaching 500 million cubic feet per day. The project follows a "fast-track" development model, with initial production targeted for the first half of 2028. Government officials and Eni representatives described the agreement as a historic milestone and a strong vote of confidence in Cyprus’s energy prospects, aimed at bolstering the national economy and regional energy security.