Four subsea well clusters included in Baker Hughes contract for Cyprus’s Cronos project
Key Facts
Baker Hughes said on October 28, 2026, that it had won a contract from Eni to supply subsea production systems and related services for the development of the Cronos field off Cyprus. The company said the award was recorded among its third-quarter awards, without disclosing a separate value for the contract. The scope includes 4 subsea tree systems, as well as wellheads, manifolds and connectors. It also includes surface control systems and related services. Baker Hughes said work on the project was already under way, with initial equipment deliveries expected in the first half of 2027. The award is part of a broader package of work moving Cronos development into execution.
In its statement, Amerino Gatti, executive vice president of oilfield services and equipment at Baker Hughes, described the project as "another important step in this relationship." He added that the company’s configurable solutions support the project’s rapid development. The company’s disclosures do not state the value or financial impact of its contract, so the announced total value of Cronos contracts is not an estimate of the value of the Baker Hughes award. Eni said the main engineering, procurement, construction and drilling contracts were signed on October 26. The company said the signing launched the execution phase, after it took a final investment decision on the field’s development on July 28, 2026. The package includes a floating control unit, transport and installation work, subsea lines, the subsea production system, flexible lines and umbilicals, as well as an onshore line and drilling rig services.
The Cyprus Mail estimated the value of Eni’s infrastructure development contracts at about $1.8 billion. That figure relates to the project’s overall package, not the Baker Hughes contract alone. Cronos is in offshore Block 6 off Cyprus, where Eni operates the area with a 50% stake alongside its partner TotalEnergies. According to TotalEnergies, the field was discovered in 2022 and successfully appraised in 2024. It is slated to be developed using 4 subsea wells, placing the well systems among the core elements of the planned production infrastructure. Baker Hughes’ participation covers the well systems and other components of the production system and related services.
Eni estimates Cronos’ gas resources at more than 3 trillion cubic feet in place. The company expects the field to reach a plateau production rate of up to 500 million standard cubic feet per day. Start-up is expected in the first half of 2028, after Baker Hughes’ initial deliveries begin in the first half of 2027. Under Eni’s plan, the produced gas will be transported to Egypt for processing through existing facilities, including infrastructure at the Zohr field. The gas will then be liquefied at the Damietta plant for export to international markets, led by Europe. This route links development of the Cypriot field to Egypt’s existing processing and liquefaction facilities.
Cyprus’s energy minister told the Associated Press that the pipeline to the Zohr field infrastructure is 105 kilometers long and could take up to 18 months to complete. He added that gas could reach European consumers in March 2028, a date that coincides with Eni’s announced timeframe for the project’s start-up in the first half of the same year. The agency reported that transporting the gas to Egypt for processing is the most economically viable option, estimating its cost at about $2 billion. That estimate is half the estimated cost of developing other fields in Cypriot waters. The minister said the agreement allows about one-fifth of the gas to be used to cover some of Egypt’s domestic needs, although the gas is primarily destined for Europe. In the markets, Baker Hughes shares, listed under the ticker BKR, closed at $54.51 on October 29, 2026.