Eni signs multi-billion dollar deal for Cronos gas field development in Cyprus

On October 26, 2026, the Italian energy giant Eni signed Engineering, Procurement, Construction, and Installation (EPCI) contracts to develop the Cronos gas field located within Cyprus's Exclusive Economic Zone. The agreements, valued between 1.3 billion and 1.8 billion dollars, were finalized at the Presidential Palace in Nicosia following a meeting between President Nikos Christodoulides and Eni’s Chief Operating Officer, Guido Brusco. The ceremony was attended by government officials, representatives from TotalEnergies, and ambassadors from Italy and Egypt.

The project focuses on building subsea infrastructure and pipelines to extract and process natural gas, which will subsequently be transported to existing liquefaction facilities in Egypt. This strategic approach aims to leverage Egyptian infrastructure to expedite the development process. The Cronos field, operated by Eni in partnership with TotalEnergies, is estimated to contain over 3 trillion cubic feet of natural gas.

Following a final investment decision made in July, the signing of these contracts marks a critical step toward the project's goal of commencing the first production of Cypriot natural gas by 2028. Previously, in September, the US services firm Halliburton was awarded the drilling contract for the field. This development is being viewed by local authorities as a significant milestone in Cyprus's long-term energy strategy.