San Donato Milanese (Milan), 26 October 2026 – Eni has signed the main engineering, procurement, construction 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.
The execution phase was formally launched today in Nicosia during a ceremony attended by the President of the Republic of Cyprus, Nikos Christodoulides, the Minister of Energy, Commerce and Industry of the Republic of Cyprus Michael Damianos, and Eni Chief Operating Officer Global Natural Resources, Guido Brusco.
The awarded contracts include Floating Control Unit, Transportation and Installations, offshore sealines, Subsea Production System, flexible lines, Umbilicals, onshore line EPC, Drilling rig services. This follows the Final Investment Decision (FID) reached on 28 July 2026 for the development of the Cronos gas discovery in Block 6 offshore Cyprus. Based on gas resources estimated at more than 3 trillion cubic feet (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 (mmscf/d), with start-up expected in H1 2028.
