Eni (Eni), as Italy's energy giant, has initiated the execution phase of the Mediterranean Sea gas project. This project, currently recognized as the first commercial gas development in Cyprus, involves awarding construction and drilling contracts to expedite the development of Cyprus's gas resources. The project is expected to reach a daily production of 500 million cubic feet of gas by 2028.
Contract Details and Execution Stages
Main engineering, procurement, construction (EPC), and drilling contracts have been signed for the development of the Cronos project. These contracts include a floating control unit, transportation and installation, offshore sealing lines, subsea production systems, flexible lines, and drilling services. These contractual activities commenced following the final investment decision (FID) on July 28, 2026, for the development of the Cronos gas discovery in Block 6 located in the offshore waters of Cyprus.
The Role of Cyprus and Economic Impacts
The estimated resources in this project exceed 3 trillion cubic feet of gas, and it is anticipated that this project will achieve a daily production level of 500 million cubic feet of gas. The commencement of the project's execution works in Nicosia, the capital of Cyprus, was held in a ceremony attended by Nicos Christodoulides, the President of Cyprus, and other officials. The gas produced from the Cronos project will be transported to Egypt, where it will be processed through existing facilities, including the Zohr infrastructure, and then liquefied at the Damietta LNG plant for export to international markets, primarily Europe.
All execution activities in the Cronos project, as Eni's first developmental project in Cyprus and also the country's first hydrocarbon development, represent a strategic milestone for the Republic of Cyprus. This project aids in enhancing Cyprus's status as a producer and exporter of natural gas and contributes to the integration of energy systems across the Eastern Mediterranean.
Read more: Sanctioning of Iranian tanker cargo on the way to the Persian Gulf · Completion of major repairs at the Bidboland gas refinery and increased readiness for winter
