Cyprus Signs $1.8 Billion in Deals to Develop Offshore Cronos Gas Field

Cyprus signed contracts worth up to $1.8 billion on Monday to develop its offshore Cronos natural gas field.

The agreements mark a step toward turning the country’s offshore gas resources into a source of national income.

The contracts focus on developing Cronos, moving Cyprus closer to commercially exploiting the field rather than leaving its resources untapped.

The signing represents progress toward that goal, though the announcement did not specify a timetable for production or when the country could begin receiving revenue.