Eni to sign major offshore infrastructure contracts for Cyprus gas field

Italian energy giant Eni is expected to sign contracts worth between $1.3 billion and $1.8 billion within the coming days to develop the Cronos gas field, located in block 6 of the Cyprus Exclusive Economic Zone. These agreements involve the construction of subsea infrastructure and pipelines designed to extract, process, and transport natural gas to Egypt. Once transported, the gas will be processed at the Damietta liquefaction facilities for export to international markets. The project leverages existing Egyptian infrastructure to accelerate development timelines.

Eni serves as the operator for the Cronos field, in partnership with TotalEnergies. The two companies confirmed the final investment decision for the project in July, targeting the commencement of production by 2028. The field is estimated to hold over 3 trillion cubic feet of natural gas. While the Wall Street Journal first reported the details of these upcoming contracts, the news agency Reuters noted that it could not independently verify the specific timing of the signings. Work has already begun on certain segments, with Halliburton previously secured to provide specific services for the project.