Eni to sign major contracts for Cyprus Cronos gas field development

Italian energy giant Eni is set to sign contracts valued between $1.3 billion and $1.8 billion within the coming days to develop the Cronos natural gas field located in block 6 of the Cypriot Exclusive Economic Zone. These agreements cover the construction of essential subsea infrastructure, drilling facilities, and pipelines required for the extraction, processing, and transportation of gas to Egypt, where it will be liquefied for international export. The infrastructure will reportedly connect the Cypriot discovery to existing facilities at the Zohr gas field.

The project, which is a joint venture between operator Eni and the French company TotalEnergies, reached a final investment decision this past July. By leveraging Egyptian processing infrastructure, the developers aim to accelerate the project timeline. US-based Halliburton has already secured a contract for initial drilling services. This significant investment is viewed as a crucial step toward the goal of commencing the first commercial production of Cypriot natural gas by 2028. While reports indicate that signing could occur as early as Monday, October 26, international news agencies note that these details have not been independently verified.