Eni has signed the main engineering, procurement, construction and drilling contracts for the Cronos gas development in Block 6 offshore Cyprus, launching the project's execution phase ahead of planned production start-up in the first half of 2028.
The contracts cover a Floating Control Unit, transportation and installation works, offshore sealines, subsea production systems, flexible lines, umbilicals, onshore pipeline engineering, procurement and construction (EPC), and drilling rig services, Eni announced on October 26.
The execution phase was formally launched in Nicosia on Monday, following the final investment decision (FID) reached on July 28, 2026.
The Cronos discovery is estimated to contain more than 3 trillion cubic feet (Tcf) of gas initially in place, with the development expected to reach a production plateau of up to 500 million standard cubic feet per day (mmscf/d).
The project will use existing regional infrastructure to transport gas from Cyprus to Egypt, where it will be processed through existing facilities, including the Zohr infrastructure, before being liquefied at the Damietta LNG plant for export to international markets, primarily Europe.
Cronos will mark the first hydrocarbon development in Cyprus and Eni's first development project in the country, supporting its emergence as a natural gas producer and exporter.
The launch ceremony was attended by Cyprus President Nikos Christodoulides, Energy Minister Michael Damianos and Eni Chief Operating Officer Global Natural Resources Guido Brusco.
Eni operates Block 6 with a 50% interest alongside TotalEnergies. The company has been present in Cyprus since 2013 and also operates Block 8, while holding participating interests in Blocks 7 and 11, which are operated by TotalEnergies.