Eni SPA signed the main engineering, procurement, construction (EPC) and drilling contracts for the development of the Cronos project in Block 6 in deepwater offshore Cyprus, marking the start of the project's execution phase and a key milestone towards the monetization of Cyprus' first gas development.

The awarded contracts cover a floating control unit, transportation and installations, offshore sealines, a subsea production system, flexible lines, umbilicals, onshore-line EPC, and drilling rig services.

Eni did not identify the specific service providers associated with newly inked contracts.

These latest contract awards follow a late-July final investment decision (FID) to advance development of the Cronos project. 

Based on resources estimated at more than 3 tcf of gas initially in place, the project is expected to reach a production plateau of up to 500 MMcfd, with startup scheduled for first-half 2028.

Leveraging a fast-track approach based on regional integration and designed to use existing infrastructure, Cronos will be developed through four subsea wells. Gas will be transported via subsea pipeline to Egypt, where it will be processed in existing Zohr installations before transfer to and liquefaction in the Damietta LNG plant for export to international markets, mostly in the European Union.

Eni holds 50% interest in and operates Block 6 on behalf of joint-venture partner TotalEnergies SE, which holds the remaining 50% stake.