Eni signed contracts worth $1.8 billion to develop the Cronos gas field, Cyprus's first natural gas project. The signing took place on October 26, 2026, launching the field's execution phase.
Cronos lies in Block 6 of Cyprus's exclusive economic zone. Eni operates the block with a 50% interest alongside TotalEnergies.
The investment will fund subsea infrastructure, including pipelines and a floating control unit, to extract the gas. Under a fast-track development plan, Eni will transport the gas through a subsea pipeline to Egypt for liquefaction at the Damietta LNG terminal. The plan will use existing infrastructure from the nearby Zohr field.
Production is targeted to begin in the first half of 2028. The liquefied natural gas is primarily destined for European markets.