Eni and TotalEnergies to sign up to $1.8 bn of contracts for Cyprus' Cronos gas field
Italian energy group Eni, together with TotalEnergies, will sign contracts worth between $1.3 bn and $1.8 bn to build subsea drilling and infrastructure for the Cronos gas discovery in Cyprus’ exclusive economic zone. The agreements, expected to be signed on 26 October 2026, involve Halliburton for drilling work and McDermott for subsea work valued at $500 m‑$750 m. The field holds more than 3 trillion cubic feet of gas and is slated to begin production in 2028, with gas routed to Egypt for export.
Why it matters
The contracts lock in the next phase of development, allowing the project to move toward a 2028 production start and providing a new source of Eastern‑Mediterranean gas for export via Egypt. Investors in Eni, TotalEnergies and the contractors may see future revenue streams from the infrastructure build‑out and subsequent gas sales.
Key facts
- 1The contracts are valued between $1.3 bn and $1.8 bn. en.philenews.com
- 2Signing is expected as early as Monday 26 October 2026. en.philenews.com
- 3McDermott’s subsea contract is estimated at $500 m‑$750 m. en.philenews.com
- 4Halliburton has secured a drilling construction contract for the project. en.philenews.com
- 5The Cronos field contains initial gas volumes exceeding 3 trillion cubic feet (about 85 billion cubic metres). en.philenews.com
- 6Production is targeted to begin in 2028. thenationalherald.com
Summary written by AlphAI AI Desk from 2 of 2 sources. Not investment advice. Figures are as stated by the linked sources.