Eni signs 1.8 billion dollar contracts for Cyprus's Cronos gas field development

On Monday, October 26, 2026, the Italian energy giant Eni signed eight contracts worth between 1.3 and 1.8 billion dollars in Nicosia to develop the offshore Cronos gas field. The deal, involving Eni and TotalEnergies, marks the official transition from planning to the implementation phase for the extraction of natural gas in Cyprus’s Block 6. President Nikos Christodoulides attended the ceremony, describing the agreement as a decisive step for the nation’s energy future and economic potential.

The project involves building subsea infrastructure to extract and transport gas via pipeline to Egypt, where it will be processed and liquefied at the Damietta terminal for export, primarily to European markets. The field, which contains estimated reserves of over three trillion cubic feet, is expected to reach a stable production rate of 500 million cubic feet per day. Operations are scheduled to begin in the first half of 2028, with the first exports anticipated between March and July of that year. While the government emphasizes the geopolitical and economic benefits of this milestone, the opposition party AKEL has requested greater transparency regarding the specific financial gains, potential risks, and impacts on domestic energy costs for citizens.