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Eni signs contracts worth up to $1.8 billion for Cyprus gas project
The Kronos development targets production in the first half of 2028, with gas routed through Egypt for export chiefly to Europe.
Italian energy company Eni signed infrastructure contracts valued at up to $1.8 billion to develop Kronos, a natural gas field in Cyprus's exclusive economic zone. Eni and its French partner TotalEnergies plan to use Egyptian facilities to bring the gas to overseas buyers.
The contracts cover engineering design, equipment purchasing, construction and installation. The signing followed a meeting between Cypriot President Nikos Christodoulides and an Eni delegation led by Guido Brusco, the company's chief operating officer of global natural resources.
Brusco put estimated gas reserves at more than 3 trillion cubic feet and forecast daily output reaching as much as 500 million cubic feet after operations stabilize. He described Kronos as Cyprus's first hydrocarbon development project.
The planned route takes the gas to Egypt for processing through existing facilities, including infrastructure associated with the offshore Zohr field. It would then reach the Damietta liquefaction plant for export, primarily to European markets.
Eni and TotalEnergies agreed in July to speed up development, targeting an initial production date in the first half of 2028. Using infrastructure already in place is expected to lower development costs and shorten construction time.