Cyprus signs 1.8 billion dollar contract to develop Cronos gas field

Contracts worth up to 1.8 billion dollars were signed on October 29, 2026, to initiate the commercial development of the Cronos natural gas field in Cyprus. The project marks a significant milestone for the country’s energy sector, with production anticipated to commence in the first half of 2028. The field is estimated to contain over three trillion cubic feet of natural gas, with a projected daily production capacity of up to 500 million cubic feet.

The development plan involves transporting the extracted gas to Egypt to utilize existing infrastructure, including facilities linked to the Zohr field. The gas will subsequently be liquefied at the Damietta terminal before being exported to European markets. Guido Brusco, the Chief Operating Officer of Global Natural Resources at Eni, stated that this project serves as a crucial contribution to European energy security by providing new supply routes.

This agreement follows years of exploratory activities and discussions regarding the utilization of Cyprus's offshore reserves. While current plans rely on Egyptian infrastructure, there remains an expressed desire within Cyprus to eventually develop domestic facilities for the liquefaction of natural gas on its own territory to further strengthen the national economy and energy independence.