Eni discovers major gas off Cyprus – English

(ANSA) – ROME, Aug 22 – Italian fuel giant Eni announced on Monday that it had discovered a major gas off the coast of Cyprus.

Eni has announced a ‘significant’ gas discovery at the Cronos-1 well drilled in Block 6, 160 km from the Cyprus coastline and at a depth of 2,287 meters. The block is run by Eni Cyprus who holds his 50% stake in partnership with Total Energies.

Preliminary estimates show that there is about 2.5 TCF of gas, with “significant additional benefits to be explored by further exploration in the region,” it said.

The well encountered a significant gas column in a carbonate reservoir sequence of moderate to excellent character. An intensive data acquisition campaign has shown an overall net profit of over 260m, with excellent permeability of the interval. Research on rapid development options is already underway.

The Cronos-1 well is the fourth exploration well drilled by Eni Cyprus and the second well in Block 6, following the Calypso-1 gas discovery in 2018.

The Cronos-1 gas discovery can unlock more potential in the region and is part of Eni’s successful effort to provide more gas supply to Europe.

According to Eni, the discovery confirms the effectiveness of Eni’s exploration strategy aimed at “creating value through the application of deep knowledge of geological play and advanced geophysical techniques.”

Eni has been in Cyprus since 2013. The company operates his Blocks 2, 3, 6, 8, and 9, and joins Blocks 7 and 11, which are operated by Total Energies. (ANSA).