Italy's Eni Plans to Sign Contract Worth Up to $1.8 Billion for Cyprus Gas Field Project

en.Wedoany.com Reported - On October 23, Italy's Eni Group is advancing the signing of infrastructure contracts for the Cronos gas field offshore Cyprus, with a proposed total contract value of approximately $1.3 billion to $1.8 billion, covering subsea drilling facilities and natural gas transmission pipeline construction, with signing expected to be completed in the near term. The Cronos gas field is located in Block 6 offshore Cyprus, with Eni as operator and France's TotalEnergies holding a 50% interest in the block.

The gas field is located in deep waters approximately 185 kilometers southwest of Cyprus and is planned to be developed through four subsea wells. The project's original gas in place exceeds 3 trillion cubic feet, with expected production of 500 million standard cubic feet of natural gas per day during the plateau production phase, equivalent to approximately 2.8 million tonnes of liquefied natural gas per year. Eni and TotalEnergies made the final investment decision on July 28, targeting the start of production in 2028.

The natural gas will be transported via a newly built subsea pipeline to the existing facilities at Egypt's Zohr gas field for processing, and then sent to the Damietta LNG plant for liquefaction and export. The project construction has involved multiple contractors, with McDermott responsible for subsea engineering project management, design, procurement and installation support, and Halliburton undertaking integrated drilling, wellbore construction and completion services.