Eni signs contracts worth up to US$1.8 billion for Cyprus gas field
Production at Kronos is targeted for the first half of 2028, with gas to be processed in Egypt before export, chiefly to Europe.
Italian energy company Eni has signed infrastructure contracts valued at up to US$1.8 billion to develop Kronos, a natural gas field in Cyprus's Exclusive Economic Zone. Eni and its French partner TotalEnergies plan to commercialise the gas through Egypt.
The contracts cover engineering design, equipment purchases, construction and installation. Cyprus's President Nikos Christodoulides met an Eni delegation before the signing ceremony and described the agreement in a written statement as evidence of confidence in the country's energy prospects.
Guido Brusco, Eni's Chief Operating Officer of Global Natural Resources, said estimated gas reserves at Kronos exceed 3 trillion cubic feet. He forecast daily production could reach 500 million cubic feet after operations stabilise and described it as Cyprus's first hydrocarbon field development project.
The planned export route uses Egyptian processing infrastructure, including facilities connected to the offshore Zohr field. Gas will then reach the Damietta liquefied natural gas plant for shipment to international customers, primarily in Europe.
Eni and TotalEnergies agreed in July to speed up development, targeting production during the first half of 2028. Using facilities already in place is expected to lower development costs and shorten construction timelines. Brusco said Eni had operated in Cyprus since 2013.
