McDermott has been awarded a substantial* subsea contract by Eni Cyprus Limited (Eni) for the Cronos gas field development offshore Cyprus, marking McDermott's first subsea project award with Eni and expanding the company's presence in the Eastern Mediterranean region.
Under the contract, McDermott will provide project management, engineering, procurement and installation support for the development of the Cronos gas field.
"This award demonstrates the strength of McDermott's integrated subsea engineering, procurement, construction and installation capabilities and reflects the value we bring through our technical expertise and differentiated deepwater asset, the Amazon," said Mahesh Swaminathan, McDermott's Senior Vice President, Subsea and Floating Facilities. "Our global execution teams, supported by reliable local partnerships, will help advance the Cronos development safely and efficiently."
The project will be executed by the Subsea and Floating Facilities team with expertise and resources from Houston, Perth, London and Kuala Lumpur, supported by the company's marine construction fleet.
Tuesday, 6 October 2026
McDermott Awarded Subsea Contract for Cronos Development in Cyprus
The President of the Republic of Argentina, Javier Milei, meets Eni CEO Claudio Descalzi
The President of the Republic of Argentina, Javier Milei, met today in Paris with Eni Chief Executive Officer Claudio Descalzi on the sidelines of the institutional and industrial events organized as part of Argentina Week. During the meeting, the parties discussed prospects for cooperation in the energy sector and investment opportunities in Argentina, with particular focus on the development of the country’s gas resources and projects aimed at strengthening its role in international energy markets.
The meeting provided an opportunity to take stock of the Argentina LNG project, developed by Eni together with YPF and XRG, that aims to exploit the resources of the Vaca Muerta basin through floating liquefaction solutions (FLNG). The project, for which an investment decision is expected by the end of the year, envisages, in an initial phase the production of 12 million tonnes of liquefied natural gas per year (MTPA), through two FLNG facilities with a capacity of 6 MTPA each. Start-up of production is planned in 2030. A subsequent expansion to 18 MTPA is currently under evaluation.
Argentina LNG is one of the most important energy projects currently under development globally; it involves significant investments and represents a strategic initiative to support the growth of the country’s energy exports and contribute to the security of European energy supplies.
The discussion also reaffirmed the importance of promoting a stable and investment-friendly framework for long-term investments, an essential condition for the development of large-scale energy infrastructure projects and for maximizing the value of Argentina’s natural resources.
Eni has been present in Argentina at various stages since 1968. The company operates in the country in the hydrocarbons exploration and production sector and is a partner of YPF and XRG in the development of the integrated Argentina LNG project, which includes a 32% interest in the upstream blocks Meseta Buena Esperanza, Aguada Villanueva and Las Tacanas, in the Vaca Muerta basin.
The meeting provided an opportunity to take stock of the Argentina LNG project, developed by Eni together with YPF and XRG, that aims to exploit the resources of the Vaca Muerta basin through floating liquefaction solutions (FLNG). The project, for which an investment decision is expected by the end of the year, envisages, in an initial phase the production of 12 million tonnes of liquefied natural gas per year (MTPA), through two FLNG facilities with a capacity of 6 MTPA each. Start-up of production is planned in 2030. A subsequent expansion to 18 MTPA is currently under evaluation.
Argentina LNG is one of the most important energy projects currently under development globally; it involves significant investments and represents a strategic initiative to support the growth of the country’s energy exports and contribute to the security of European energy supplies.
The discussion also reaffirmed the importance of promoting a stable and investment-friendly framework for long-term investments, an essential condition for the development of large-scale energy infrastructure projects and for maximizing the value of Argentina’s natural resources.
Eni has been present in Argentina at various stages since 1968. The company operates in the country in the hydrocarbons exploration and production sector and is a partner of YPF and XRG in the development of the integrated Argentina LNG project, which includes a 32% interest in the upstream blocks Meseta Buena Esperanza, Aguada Villanueva and Las Tacanas, in the Vaca Muerta basin.
Eni completes sale of 10% stake to SOCAR in Cote d’Ivoire's Baleine project
Eni announces the completion of the sale of a 10% stake in the Baleine project in Côte d’Ivoire to SOCAR. The Baleine project is the country’s main offshore development and is now owned by Eni (37.25%), Vitol (30%), Socar (10%) and Petroci (22.75%).
The transaction aligns with Eni's strategy of optimising its upstream portfolio by accelerating the monetization of exploration discoveries through the divestment of equity stakes, a model known as the "dual exploration model."
Eni has been present in Cote d’Ivoire since 2015. Baleine is Eni’s first development in the country, and the first net-zero development in Africa. The giant Baleine field was discovered in 2021, two decades after the last commercial discovery in the country and it achieved production in record time, in 2023. Currently, Baleine produces over 57,000 barrels of oil and more than 78 million cubic feet of gas per day from Phases 1 and 2. With the launch of Phase 3, production is expected to rise to 150,000 barrels of oil and 200 million cubic feet of gas per day, positioning Baleine as a cornerstone in meeting the country's domestic energy needs. Alongside Baleine, the Calao and Calao South discoveries (Eni 90% and operator), the second largest after Baleine, confirm the high potential of the basin and further consolidates Eni's presence in the country.
The transaction aligns with Eni's strategy of optimising its upstream portfolio by accelerating the monetization of exploration discoveries through the divestment of equity stakes, a model known as the "dual exploration model."
Eni has been present in Cote d’Ivoire since 2015. Baleine is Eni’s first development in the country, and the first net-zero development in Africa. The giant Baleine field was discovered in 2021, two decades after the last commercial discovery in the country and it achieved production in record time, in 2023. Currently, Baleine produces over 57,000 barrels of oil and more than 78 million cubic feet of gas per day from Phases 1 and 2. With the launch of Phase 3, production is expected to rise to 150,000 barrels of oil and 200 million cubic feet of gas per day, positioning Baleine as a cornerstone in meeting the country's domestic energy needs. Alongside Baleine, the Calao and Calao South discoveries (Eni 90% and operator), the second largest after Baleine, confirm the high potential of the basin and further consolidates Eni's presence in the country.
Subscribe to:
Posts (Atom)