Kronos gas contracts signed, with production targeted for 2028

The project involves Italian energy company Eni and covers infrastructure, installation and drilling work at the field in Block 6 of the Greek Cypriot administration’s declared exclusive economic zone.

Kronos is estimated to hold approximately three trillion cubic feet of natural gas. Production is expected to reach up to 500 million cubic feet a day.

The signing ceremony at the Greek Cypriot presidential palace was attended by Greek Cypriot leader Nikos Christodoulides, Eni’s chief operating officer for global natural resources, Guido Brusco, and other company representatives.

Under the development plan, gas would be transported to Egypt and processed using existing facilities, including infrastructure serving the Zohr field. It would then be liquefied for export to international markets.

The eight contracts cover subsea production equipment, a floating control unit, offshore and onshore pipelines, transport and installation, drilling services and associated cables.

In a written statement, Christodoulides described the agreements as an important step towards developing offshore natural resources and a strong vote of confidence in South Cyprus’s energy prospects.

He said the project would help strengthen the economy and give the administration greater scope to invest in policies improving residents’ daily lives and living standards.

Christodoulides also presented the agreements as a tangible result of his administration’s strategy to build economic strength and enhance its geopolitical position.

Brusco described the development as a milestone for South Cyprus, saying it represented its first hydrocarbon development project.