Italy’s energy giant Eni has fired the starting gun on the execution chapter of its Eastern Mediterranean project, awarding construction and drilling contracts to fast-track Cyprus's first-ever commercial gas development, which is expected to reach production of up to 500 million standard cubic feet per day (scf/d) in the first half of 2028, with gas to be processed and liquefied in Egypt before being shipped primarily to European markets.
Eni has signed the main engineering, procurement, construction (EPC) and drilling contracts for the development of the Cronos project, marking the start of the project's execution phase and a key milestone towards the monetization of Cyprus' first gas development.
According to the Italian giant, these contracts include floating control unit, transportation and installations, offshore seal lines, subsea production system, flexible lines, umbilicals, onshore line EPC, and drilling rig services. The contracting activity follows the final investment decision (FID) reached on July 28, 2026, for the development of the Cronos gas discovery in Block 6 offshore Cyprus.
With resources estimated at more than 3 tcf of gas initially in place, the project is expected to reach a production plateau of up to 500 million standard cubic feet per day, with start-up expected in H1 2028. The development will leverage a fast-track approach based on regional integration and the use of existing infrastructure.
The execution phase was formally launched in Nicosia during a ceremony attended by Nikos Christodoulides, President of the Republic of Cyprus; Michael Damianos, Minister of Energy, Commerce, and Industry of the Republic of Cyprus; and Guido Brusco, Eni’s Chief Operating Officer of Global Natural Resources.
Gas produced from Cronos will be transported 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.
Block 6 is operated by Eni with a 50% interest, alongside its partner, TotalEnergies, which holds the remaining half. The Italian firm also operates Block 8 in Cyprus and holds participating interests in Blocks 7 and 11, which are operated by TotalEnergies.
Eni highlighted: “As Eni's first development project in Cyprus and the country's first hydrocarbon development, Cronos represents a strategic milestone for the Republic of Cyprus.
“The project will support the country's emergence as a natural gas producer and exporter while strengthening the integration of energy systems across the Eastern Mediterranean using existing Egyptian gas and LNG infrastructure.”