Halliburton, the U.S.-based oilfield services company, has signed a multi-year contract with Eni, the Italian energy giant, to provide well construction and completion services for the ultra-deep Cronos development in Block 6 of Cyprus's exclusive economic zone. This contract will help strengthen Halliburton's presence in the Eastern Mediterranean and support the strategic development of natural gas in the region.
Details of the Halliburton and Eni Contract
With this contract, Halliburton will provide services including drilling, well construction, automation, and completion services for exploration and development wells. This scope of contracting will help reduce operational interactions, improve project execution reliability, and support efficient delivery for the multi-year ultra-deep development. The Cronos field was discovered in 2022 and evaluated in 2024.
Development of the Cronos Field and Its Implications
Jean-Marc Lopez, Senior Vice President of Halliburton in Europe and Eurasia, stated that this project strengthens Halliburton's long-term relationship with Eni and demonstrates the company's ability to provide integrated solutions for complex deepwater developments. The development of the Cronos field will involve drilling four subsea wells, part of which will rely on existing facilities in Egypt. Gas from Cyprus will be transported via a subsea pipeline to Egypt, where it will be processed at the Zohr facilities and then liquefied at the Damietta LNG terminal for export to international markets, primarily Europe.
Production from this field is expected to start in 2028 and is projected to reach a production level equivalent to 500 million cubic feet per day, which is about 2.8 million tons of LNG per year. Half of this production will go to the market, which will be targeted by TotalEnergies, Eni's partner in Block 6.
Halliburton anticipates that the Cronos project will serve as a deepwater development platform in the Eastern Mediterranean and leverage its integrated delivery model for other offshore projects. The company aims to enhance efficiency, performance, and long-term value in complex offshore environments.
