Its development by the Eni-TotalEnergies consortium has already mobilized a broad network of international companies
In Greek mythology, the Titan Cronus, known for devouring his children, was forced—after his defeat by his son, Zeus—to set them free. According to the myth, Zeus forced him to vomit up his siblings after first giving him a special emetic concoction.
In a different but interesting analogy, the “Kronos” field, located in Cyprus’s EEZ, is expected to bring to the surface not only significant quantities of natural gas but also business opportunities for the Cypriot market. Its development by the Eni-TotalEnergies consortium has already mobilized a broad network of international companies, including Baker Hughes, Tenaris (Dalmine), TechnipFMC, McDermott, Oceaneering International, China Merchants Heavy Industry (CMHI), Petrojet, Saipem, and Halliburton, all of which are participating in or are associated with specific tasks and contracts for the project.
ΣΧΕΤΙΚΑ ΑΡΘΡΑ
Although the revenue that will flow into the state coffers is not expected to be particularly significant relative to the total size of the investment, the estimated development cost of the project, amounting to approximately 1.8 billion euros, is a sum that should not go unnoticed by Cypriot businesses.
The key, however, lies not only with Eni and TotalEnergies, but also with the international contractors and suppliers undertaking specific parts of the project. Through them, Cypriot companies can claim a share of the economic activity generated, as well as gain access to new partnerships, expand their international networks, and enrich their experience and expertise.
In addition to companies operating in the service, transportation, and logistics sectors—areas where the Cypriot market already has relevant experience— opportunities may also arise for companies involved in industrial manufacturing and specialized welding, technical inspections and certifications, as well as environmental management and maritime monitoring.
1. Industrial Equipment and Specialized Materials
The presence of Baker Hughes and Tenaris opens up opportunities for Cypriot companies active in the supply of industrial spare parts, metal components, and specialized structures. There are also opportunities for collaboration with companies dealing in electrical and mechanical equipment, specialized materials and consumables, as well as technical support and repair of industrial systems. This is a sector in which local businesses could serve as suppliers or technical partners, meeting the specific needs of international companies.
2. Engineering, Construction, and Offshore Facilities
The presence of companies such as TechnipFMC, McDermott, Saipem, and China Merchants Heavy Industry creates potential opportunities for Cypriot companies active in industrial construction and mechanical engineering. This field includes metal fabrication, specialized welding, the manufacture of individual components, electrical and mechanical installations, as well as equipment repairs. Of particular interest are also companies with experience in shipbuilding and repair that can support work on ships, port facilities, and offshore structures.
3. Drilling and Subsea Technologies
The operations of companies such as Halliburton and Oceaneering International are linked to a highly specialized sector, where needs encompass both equipment and technical support. Cypriot companies could seek partnerships in the repair and maintenance of mechanical equipment, the supply of specialized spare parts, electrical work, and technical systems support. At the same time, opportunities may arise for companies with expertise in underwater inspections, marine surveys, and specialized technical work below the sea surface.
4. Technical Inspections, Certifications, and Safety
This is an area that concerns nearly all international companies involved in the development of the gas field. The requirements of a natural gas project include strict quality controls, equipment inspections, and certifications, creating potential opportunities for Cypriot companies with relevant expertise. In particular, non-destructive testing (NDT), weld and piping inspections, tank and industrial equipment inspections, as well as the calibration of measuring instruments, are of particular interest. This category also includes companies that provide quality assurance, occupational health and safety, and technical compliance with international standards.
5. Environmental Management and Marine Monitoring
The development of an offshore field is accompanied by increased requirements for environmental protection and monitoring of the marine environment. This creates potential opportunities for Cypriot companies active in the management of industrial and hazardous waste, environmental monitoring, and marine surveys. Also of interest are companies specializing in oceanography, marine environmental quality monitoring, and marine pollution response. These specific activities can serve as areas for collaboration with both prime contractors and their subcontractors.
