Today is a historic day for the Republic of Cyprus, which signed contracts with the leadership of the Italian energy giant ENI for the construction and installation of the infrastructure needed to develop the “Kronos” in Block Six, within the Cypriot Exclusive Economic Zone.
The contract signing ceremony took place at the Presidential Palace in the presence of the President of the Republic, Nikos Christodoulides, Eni’s General Manager of Operations, Guido Brusco, and representativesfrom the company.
ΣΧΕΤΙΚΑ ΑΡΘΡΑ
The agreement provides for eight separate contracts for the full exploitation of the more than 3 trillion cubic feet of natural gas estimated to be present in the field, with an The natural gas production project is expected to begin operations within the first half of 2028 and is projected to reach up to 500 million standard cubic feet per day.
The Development Model
The natural gas will be transported to Egypt and processed through existing facilities, including the infrastructure at the “Zor” field. It will then be liquefied at the liquefied natural gas (LNG) terminal in Damietta and exported to international markets, with Europe as the primary destination.
Significance for Cyprus and the Region
“Kronos” is the Republic of Cyprus’s first hydrocarbon development project and a significant step toward producing the country’s first natural gas. The development model connects Cyprus’s resources with Egypt’s infrastructure and international markets, strengthening regional cooperation and contributing to the diversification of Europe’s supply sources.
Christodoulides: “A strong vote of confidence in our country’s energy prospects”
In a written statement, President Christodoulides noted that “today’s development marks a decisive step toward harnessing our country’s natural resources.”
“More specifically, the signing of contracts worth up to 1.8 billion dollars for the development of the “Kronos” field—and, by extension, the first commercial exploitation of Cypriot natural gas—is a strong vote of confidence in our country’s energy prospects, with particular geopolitical and economic significance. At the same time, today’s development contributes decisively to the further strengthening of our economy, creating even more opportunities for the government to invest in policies that improve citizens’ daily lives and quality of life. From the very beginning, we set as our strategic goal the utilization of our country’s comparative advantages and the strengthening of all the Republic of Cyprus’s sources of strength. Today’s agreement is a tangible result of this strategy. We are building a Cyprus that is economically stronger, geopolitically elevated, and one that harnesses its full potential for the benefit of the country and its citizens.”
The Agreement covers the following areas:
1. Subsea production system
2. Floating Control Unit
3. Offshore pipelines
4. Transportation and installation
5. Subsea flexible cables
6. Onshore pipeline
7. Drilling Services
8. Flexible pipelines
