Eni expected to sign up to $1.8 billion in contracts for Cyprus gas project
Eni may sign subsea infrastructure contracts worth up to $1.8 billion for its Cronos gas project offshore Cyprus in coming days, people familiar said.
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what happened
Eni is expected to sign contracts worth up to $1.8 billion in the coming days for drilling infrastructure and pipelines at its gas project offshore Cyprus, Dow Jones Newswires reported, citing people familiar with the matter. The subsea work will extract and treat gas and send it to Egypt through underwater pipelines. The contracts are expected to total between $1.3 billion and $1.8 billion, could be signed as soon as Monday, and will allow production to begin in 2028. The deepwater Cronos field is owned by Eni and TotalEnergies, with Eni as operator.
Seeking Alpha, citing The Wall Street Journal, reports that the gas will be liquefied at the Damietta LNG terminal in Egypt and then shipped to Europe. Using existing infrastructure at the nearby Zohr field makes the project cheaper to deliver, according to the report. Seeking Alpha also said Eni's third-quarter adjusted EBIT doubled year on year to €5.99 billion, and the company raised its full-year underlying cash flow guidance to €16.5 billion from €15 billion. Shares rose 4% on Friday.
why it matters
The project could reduce Europe's reliance on imported LNG, especially from the United States, after Middle East conflict disrupted global gas markets. Investors in gas will watch the 2028 start date and the cost savings from using Egyptian infrastructure.
market impact
Gas and LNG: more supply from the eastern Mediterranean to Europe; Eni and TotalEnergies shares in focus
tags
instruments
sources
- Eni to Sign up to $1.8 Billion of Infrastructure Contracts for Cyprus Gas Project in Coming Days, Sources Say — Dow Jones Newswires, 23 October 2026 at 14:30 UTC
- Eni set to sign up to $1.8B of infrastructure contracts for Cyprus gas project — Seeking Alpha, 23 October 2026 at 16:35 UTC
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