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. Eni has described the project as a strategic milestone for Cyprus' energy future.
According to Cyprus News Agency, Eni Chief Operating Officer Guido Brusco emphasized that the Cronos project represents a strategic initiative, showcasing the company's execution capabilities. He highlighted the project's combination of exploration success, fast-track development, regional integration, and the synergic use of existing infrastructure.
Brusco also remarked that this project is Eni's first development endeavor in Cyprus, marking the company's commitment to a long-term partnership with the nation. He hailed the project as a historic milestone for Cyprus as it pioneers the country's hydrocarbon development efforts.
Energy, Commerce and Industry Minister Michalis Damianos stated that the Cronos project holds significant importance for Cyprus beyond its estimated resources, advancing efforts to convert offshore discoveries into tangible economic and strategic value.
The Cronos field, situated in Block 6, is estimated to contain more than 3 trillion cubic feet of natural gas. The project received the Final Investment Decision in July 2026, with the first gas production aimed for 2028.
The plan involves transporting the gas to Egypt for processing and liquefaction using existing facilities, including the Damietta LNG plant, before exporting it primarily to Europe. Utilizing existing infrastructure is expected to reduce both development time and costs.
Eni, which has been active in Cyprus since 2013, operates Block 6 and holds a 50% interest in partnership with TotalEnergies.