Nicosia:The agreement for the construction and installation of infrastructure for the development of the Cronos natural gas field in Block 6 of Cyprus' Exclusive Economic Zone was signed at the Presidential Palace on Monday. The ceremony was attended by President Nikos Christodoulides, with Eni describing the project as a strategic milestone for Cyprus' energy future.
According to Cyprus News Agency, the project has moved into its execution phase following the Final Investment Decision taken by Eni and TotalEnergies on 28 July 2026. Eni's Chief Operating Officer for Global Natural Resources, Guido Brusco, emphasized the project's significance, noting it as a demonstration of Eni's execution capabilities and commitment to Cyprus' energy future.
The Cronos project is expected to unlock new gas resources for the European markets, marking Cyprus' first hydrocarbon development project. It is estimated to contain more than 3 trillion cubic feet of natural gas, with production anticipated to begin in the first half of 2028. The development plan includes transporting gas to Egypt for processing and export, primarily to European markets, through existing facilities.
Energy, Commerce and Industry Minister Michalis Damianos highlighted the project's contribution to European energy security and its role in reinforcing regional cooperation. The contracts signed cover various engineering and construction activities necessary for the field's development, involving multiple international companies. Eni has been active in Cyprus since 2013 and operates several blocks in the region.