Cyprus moved on Monday a step closer to turning its offshore natural gas into an income source for the country, signing contracts worth up to $1.8 billion to develop the Kronos field.

The agreements, signed at the Presidential Palace, cover the construction and installation of infrastructure needed to develop the discovery in Block 6 of Cyprus’ exclusive economic zone. Production is scheduled to begin in 2028, following approval of the final investment decision in July.

The energy project’s planned route targets export: Gas will travel to Egypt for processing and liquefaction at existing facilities, including the Damietta LNG plant, before being shipped mainly to Europe.

Kronos is estimated to hold more than 3 trillion cubic feet of natural gas. Eni operates Block 6 with a 50% stake, alongside TotalEnergies.

Eni COO Guido Brusco described the development as strategically important, combining exploration success with regional cooperation and the use of existing infrastructure. He said it was both Eni’s first field development project in Cyprus and the country’s first hydrocarbon field development.

Source: Ekathimerini.com