Contracts for the construction and installation of the development infrastructure of the Cronos natural gas field in Block 6 of the Cypriot EEZ have been signed at the Presidential Palace, with Eni describing the project as of strategic importance for the energy path of Cyprus.
"Cronos is a strategically important project, which demonstrates in practice our ability to deliver on our objectives," said Chief Operating Officer of Global Natural Resources and General Manager of Eni, Guido Brusco, noting that the project combines the success of research activities, rapid development, regional cooperation and the exploitation of existing infrastructure.
Brusco said that this is Eni's first field development project in Cyprus, underlining that it signals the company's commitment to be a long-term partner in the country's energy journey. He added that it is also a historic milestone for Cyprus, as it is the first hydrocarbon field development project in the country.
On his part, the Minister of Energy, Commerce and Industry, Michael Damianos, stated that the importance of Cronos for Cyprus goes beyond its estimated reserves, as it essentially promotes the effort to convert offshore discoveries into tangible economic and strategic benefit.
The Cronos field, located in Block 6, is estimated to contain more than 3 trillion cubic feet of natural gas.
The Final Investment Decision for its development was approved in July 2026, while production is scheduled to begin in 2028.
Under the plan, the natural gas will be transported to Egypt for processing and liquefaction at existing facilities, including the Damietta LNG plant, before being exported mainly to Europe. The use of existing infrastructure is expected to reduce the development time and cost of the project.
Eni has been active in Cyprus since 2013 and is the operator of Block 6, with a 50% stake, in partnership with TotalEnergies.
Also read: Contract for $1.3b-$1.8b Cronos field development infrastructure to be signed in Nicosia
(Source: InBusinessNews)
