Cyprus took its biggest step yet toward becoming a natural gas producer on Monday, as Italian energy giant Eni signed co...

Cyprus took its biggest step yet toward becoming a natural gas producer on Monday, as Italian energy giant Eni signed contracts worth up to $1.8 billion to develop the offshore Cronos field. The signing ceremony took place at the Presidential Palace in Nicosia, with President Nikos Christodoulides, Energy Minister Michael Damianos, and Eni executive Guido Brusco all present. Eni and TotalEnergies each hold a 50% stake in the project, which they formally approved for development back in July. The Cronos field, discovered in 2022 in Cyprus's Exclusive Economic Zone, holds an estimated 3 trillion cubic feet of natural gas, making it one of the most significant offshore energy discoveries in the Eastern Mediterranean. The contracts cover equipment, pipelines, offshore installation, and drilling services. Four subsea production wells are planned, with output eventually expected to reach as much as 500 million cubic feet per day once operations stabilize. Contractors Baker Hughes, McDermott, and Saipem are among those involved in the work. Rather than build a new export terminal on the island, the partners will pipe the gas to Egypt, where it will be processed through facilities tied to the Zohr field and then liquefied at the Damietta terminal for export, mostly to European markets. The route was agreed by Cyprus, Egypt, and the developers in 2025, and is designed to cut costs and speed up commercialization. Energy Minister Damianos said the focus now shifts from planning to implementation. First commercial gas production is targeted for the first half of 2028, though that remains a projected date, with drilling and subsea installation still ahead. The $1.8 billion figure reflects development contract values, not revenue Cyprus has earned yet. Cyprus has spent years trying to monetize its offshore reserves. The Aphrodite field, discovered back in 2011, still hasn't produced a drop of gas commercially. Cronos is further along than Aphrodite ever got, but the finish line is still two years away. #Cyprus #EasternMediterranean #EnergyNews