Eni signed infrastructure contracts on Monday for the development of the Kronos natural gas field offshore the Republic of Cyprus, with TotalEnergies as its partner in the project. First production is targeted for the first half of 2028, with gas to be piped to Egypt for export as liquefied natural gas.
Scale of the project
The infrastructure contracts for Kronos are estimated to be worth between $1.3 billion and $1.8 billion. The field was initially estimated to hold at least 3 trillion cubic feet of natural gas, with expected maximum production of 500 million standard cubic feet per day once the project reaches full capacity.
Kronos sits in Block 6 of the Republic of Cyprus’s declared exclusive economic zone, where Eni holds a 50 percent operator stake and TotalEnergies holds the remaining 50 percent. Eni and TotalEnergies announced the final investment decision for the project in July. The plan to use existing Egyptian infrastructure is meant to cut the need for new facilities and hold down project costs.
Statements and objections
The President of the Republic of Cyprus said the agreements mark an important step toward commercially utilising the country’s natural gas resources, adding that they show confidence in the island’s energy future and carry both economic and geopolitical importance. Eni’s Head of Global Natural Resources, Guido Brusco, called Kronos an important milestone as the first project to develop a natural gas field in Southern Cyprus.
Türkiye argues that part of Block 6 lies within its continental shelf.
Natural gas stood at $2.600 as of 1 November 2026 07:58 GMT, its lowest level in 31 days by MacroHerald’s own measurement.
Source: Eni | Data: FRED — St. Louis Fed
