Eni S.p.A E, an Italian integrated energy company, is anticipated to take a final decision on whether to proceed with the development of a natural gas field off the coast of Cyprus. This natural gas development is part of one of the six discovered deposits in Cyprus, known as Cronos. Cronos was discovered and operated by a consortium formed by Eni and the French energy giant, TotalEnergies.
The gas from Cronos could potentially be exported to European markets as early as 2027, according to the president of Cyprus, Nikos Christodoulides. An Eni spokesperson has mentioned that there are a few required documents that need to be completed to move forward with the development and extraction of natural gas from Cronos. He further stated that the gas from these deposits may be potentially shipped to European markets by year-end 2027 or early 2028 if the required documentation is completed on time.
The natural gas deposit in Cypriot waters is an important resource, as Europe is trying to find alternatives to Russian energy supplies. Cronos is one of the three natural gas deposits found by Eni and TotalEnergies in Block 6 of Cyprus’ exclusive economic zone. Cyprus’ exclusive economic zone is divided into 13 sections, where Eni and TotalEnergies hold exploration licenses in four of them. A consortium formed by Chevron, Shell and NewMed Energy holds another exploration license in the exclusive economic zone where the Aphrodite natural gas field has been discovered. Cronos is estimated to have 3.4 trillion cubic feet of gas, while Aphrodite is anticipated to hold an estimated 4.6 trillion cubic feet.
President Christodoulides has also mentioned that the deal is expected to be finalized by March 30, 2026. This marks the first field being developed from the country’s exclusive economic zone and is expected to boost Cyprus’ economy. The gas from Cronos could be transported via pipelines to Damietta in Egypt, where the gas would be processed and liquefied before shipping it to the European market. The development of this gas deposit should boost gas supplies to Europe, contributing to the region’s energy security.
E’s Zacks Rank and Key Picks
Eni currently carries a Zacks Rank #3 (Hold).
Some top-ranked stocks from the energy sector are Subsea7 S.A. SUBCY, Oceaneering International OII and FuelCell Energy FCEL. While Subsea7 currently sports a Zacks Rank #1 (Strong Buy), Oceaneering and FuelCell carry a Zacks Rank #2 (Buy) each. You can see the complete list of today’s Zacks #1 Rank stocks here.
Subsea7 helps build underwater oil and gas fields. It is a leading player in the global offshore energy industry, providing engineering, construction and related services at offshore oil and gas fields. The long-term outlook for energy demand remains positive, and Subsea7’s focus on cost-efficient deepwater projects strengthens the position of its subsea business.
Oceaneering International delivers integrated technology solutions across all stages of the offshore oilfield lifecycle. The company is a leading provider of offshore equipment and technology solutions to the energy industry. OII’s proven ability to deliver innovative, integrated solutions supports ongoing client retention and new business opportunities, ensuring steady revenue growth.
FuelCell Energy is a clean energy company offering low-carbon energy solutions. It produces power using flexible fuel sources such as biogas, natural gas and hydrogen. The company designs fuel cells that generate electricity through an electrochemical process that combines fuel with air, reducing carbon emissions and minimizing the environmental impact of power generation. As such, FCEL is anticipated to play a crucial role in the energy transition by enabling industries and communities to shift from traditional fossil fuels to low-carbon alternatives.
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Eni SpA (E): Free Stock Analysis Report Oceaneering International, Inc. (OII): Free Stock Analysis Report FuelCell Energy, Inc. (FCEL): Free Stock Analysis Report Subsea 7 SA (SUBCY): Free Stock Analysis ReportThis article originally published on Zacks Investment Research (zacks.com).
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