Limassol: Three crucial commercial agreements have been signed for the exploitation of the ‘Kronos’ natural gas field, located in Block 6 of Cyprus’ Exclusive Economic Zone. The Cyprus Ministry of Energy, Commerce, and Industry announced the signing on Monday.

According to Cyprus News Agency, the agreements were formalized in the presence of Cyprus Minister of Energy, Commerce and Industry, George Papanastasiou, and Egypt’s Minister of Petroleum and Mineral Resources, Karim Badawi. The agreements mark a significant step towards the development of the field, with the first production of gas expected by 2027, contingent upon the approval of the Development and Production Plan and a final investment decision by the end of 2025.

The Ministry highlighted that the agreements are vital for enhancing the energy security of the region and promoting the Eastern Mediterranean as a strategic energy hub. The agreements were signed during the Eastern Mediterranean Energy Conference and Exhibition – EMC 2025 in Limassol, involving representatives from the Egyptian State Natural Gas Company (EGAS) and the companies Eni and TotalEnergies, which together form the licensed consortium of Block 6.

These commercial agreements follow the Host Government Agreement signed in Egypt in February 2025 between Egypt and the Eni/TotalEnergies consortium, witnessed by the Presidents of Cyprus and Egypt. This prior agreement facilitated the development of hydrocarbons in Block 6 of the Cypriot EEZ.

The Ministry emphasized that the signing of these agreements is a milestone in the commercial exploitation of the “Kronos” deposit and serves as a testament to the robust cooperation between Cyprus and Egypt.