Italian energy giant Eni signed on October 26 the main engineering, procurement, construction (EPC) and drilling contracts for the development of the Cronos Project located in Block 6 offshore Cyprus.

This marks the start of the project’s execution phase and a key milestone towards the monetization of Cyprus’ first gas development, said Eni in a statement.

The awarded contracts include Floating Control Unit, transportation and installations, offshore sealines, subsea production system, flexible lines, umbilicals, onshore line EPC, and drilling rig services.

This agreement follows the Final Investment Decision (FID) reached on 28 July 2026 for the development of the Cronos gas discovery. The field holds 3 trillion cubic feet (tcf) of gas reserves in place, is expected to start production in the first half (H1) of 2028, reaching output rates of 500 million cubic feet per day (mmcf/d).

The gas produced will be transported to Egypt’s Zohr onshore facilities for processing before being liquefied at the Damietta Liquefied Natural Gas (LNG) plant for export to international markets, primarily Europe.

It is worth noting that Block 6 is operated by Eni with a 50% interest, alongside partner TotalEnergies. In Cyprus, Eni also operates Block 8 and holds participating interests in Blocks 7 and 11, which are operated by TotalEnergies.

Besides the Cronos gas field, Cyprus is also advancing development plans for the Aphrodite gas field in Block 12. The field’s development, worth an estimated cost of about $4 billion, is expected to include a production capacity of around 800 mmcf/d of gas.

On the sidelines of the Mediterranean Offshore Conference and Exhibition (MOC 2026), Egypt signed with US Chevron, the field’s main operator, a framework agreement for the project to connect the Aphrodite field to Egypt’s gas infrastructure, marking another step toward developing the cross-border gas link.