The first sale of natural gas from the Kronos field is expected between March and July 2028, according to information from KYPE, while Eni is planning two more drillings in Block 6 by the end of 2026, as it estimates that additional quantities of natural gas may be detected.
Eni and ExxonMobil have exchanged data and are considering cooperation, according to CNA. ExxonMobil has also considered plans to transport natural gas to Egypt and transport natural gas to Cyprus from Block 4. The possibility of building a pipeline connecting Block 4 to Vasilikos has also been considered by ExxonMobil. No final decisions on these plans have been announced.
The contracts signed yesterday cover the main engineering design, procurement, construction, installation and drilling works required for the development of the field. Baker Hughes for subsea production systems, Dalmine for natural gas export pipelines and MEG, TechnipFMC for flexible production pipelines, McDermott for transportation and offshore installation of subsea equipment and pipelines, Oceaneering for umbilical cables, CMHI for floating control unit, Petrojet for a new onshore gas pipeline linking Zohr to Damietta and Saipem for offshore drilling services with the Saipem 10000 drilling rig.
Eni has been active in Cyprus since 2013 and is the operator of Block 6, in which it holds a 50% stake, with the remaining 50% belonging to TotalEnergies. Eni is also the operator of Block 8 and participates in Blocks 7 and 11, which are managed by TotalEnergies.
A decisive step for the commercial exploitation of Cypriot natural gas is the signing of contracts worth up to €1.8 billion. for the development of the "Kronos" field, with production expected to start in the first half of 2028.
The President of the Republic, Nikos Christodoulides, described the agreement as a "strong vote of confidence" in Cyprus' energy prospects, underlining its geopolitical and economic importance. As he mentioned, the utilization of natural wealth strengthens the Cypriot economy and creates prospects for more state investments for the benefit of citizens.
For his part, the Minister of Energy, Michalis Damianos, stressed that the project brings Cyprus closer to the first production of natural gas, turning offshore discoveries into economic and strategic value. At the same time, it is expected to contribute to Europe's energy security through the diversification of supply sources.
The Saturn field is estimated to have more than 3 trillion cubic feet of natural gas, while production can reach up to 500 million cubic feet per day.
According to the plan, the natural gas will be transported to Egypt, where existing infrastructure, including facilities connected to the Zohr field, will be utilized. It will then be liquefied at the Damietta terminal, with the main destination being European markets.
Mr. Damianos pointed out that the utilization of Egyptian infrastructure reduces costs, prevents unnecessary investments and accelerates the commercial availability of natural gas.
Guido Brusco, Chief Operating Officer Global Natural Resources at Eni, underlined that the project will secure new gas volumes for Europe, enhancing security of supply in a period of geopolitical uncertainty.
The development of Saturn is based on the cooperation of Cyprus, Egypt and the companies Eni and TotalEnergies, which have been jointly operating in Block 6 since 2017. The Cypriot government assures that it will remain actively involved in the implementation, with the aim of meeting the schedule and the highest standards of safety and environmental protection.
