Eni starts Cronos development execution after signing major construction and drilling contracts

Eni ($E) signed the main engineering, procurement, construction and drilling contracts for the Cronos gas project offshore Cyprus, launching its execution phase. The package covers subsea equipment, pipelines, installation work, control infrastructure and drilling services. Eni operates the project with a 50% interest alongside TotalEnergies ($TTE). The announcement advances a development that received its final investment decision earlier in the year.

Cronos is expected to begin production in the first half of 2028 and reach a plateau of up to 500 million standard cubic feet a day. Gas would flow through Egyptian processing infrastructure before liquefaction at Damietta, primarily for export to Europe. Estimated gas initially in place exceeds three trillion cubic feet, which is not a recoverable-reserves estimate. Contract values were not disclosed, and production targets remain prospective.

Sources:

• eni.com