Cyprus Signs $1.8bn Deal to Develop First Gas Field
The project will use Egypt’s existing liquefaction network and targets first production in 2028, with reserves estimated at more than 3 trillion cubic feet.
- On Monday, Italian energy company Eni signed contracts worth $1.8 billion to develop infrastructure for the Kronos gas field in Cyprus's Exclusive Economic Zone, enabling extraction and transport to Egypt for liquefaction.
- Eni and French partner Total will work together to mine Block 6, with Egypt designated as the "host government" to facilitate liquefaction after Cyprus failed to develop domestic facilities at Vasiliko.
- President Nikos Christodoulides called the deal "a strong vote of confidence in our country's energy prospects," with the project targeting the first sale of Cypriot natural gas to Europe in 2028.
- Energy expert Charles Ellinas cautioned that Eni may be "pressing for more concessions" to reduce state revenue, warning that rising global liquefied natural gas supplies could cause prices to "decrease considerably."
- This development positions the Eastern Mediterranean as a potential energy corridor for Europe, involving coordination between Cyprus, Greece, Egypt, and Italy to diversify European supply sources and strengthen regional partnerships.
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Energy companies will increase offshore drilling in the European region to enhance energy security, stated Eni Guido Bruzko, Chief Operations Director of the Italian Corporation. Against the backdrop of recent global shocks, oil and gas companies intend to increase their development of European shelf fields, The Wall Street Journal writes. "The Eastern Mediterranean is a very bonus geography, as energy companies seek to diversify supplies," note…
The Italian energy giant Eni will begin to develop gas deposits off the coast of Cyprus, but its supply to Europe, if any, is not direct.
Cyprus Signs Agreements with Eni for Up to $1.8 Billion in Infrastructure for Cronos Gas Field
NICOSIA – President Nikos Christodoulides described the signing of contracts for the development of the Cronos gas field as a strong vote of confidence in the energy prospects of the Republic of Cyprus, paving the way for the first commercial exploitation of Cypriot natural gas. The contract for the construction and installation of infrastructure to...
Eni signs $1.8bn contracts for Kronos gas field infrastructure
Italian energy company Eni on Monday signed contracts worth $1.8 billion for the construction of the infrastructure which will allow for the natural gas in Cyprus’ Kronos gas field to be extracted from under the seabed and transported to Egypt for liquefaction. The Kronos field is located in Block 6 of Cyprus’ exclusive economic zone, […]
The Italian company Eni is proceeding with the construction of the underwater facilities that will connect the Cypriot field with Egypt - The signatures will be signed tomorrow morning at the Presidential Palace in Nicosia
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