Eni, the Italian energy company, announced on Wednesday that drilling to appraise a third natural gas discovery in waters off the coast of Cyprus has confirmed the significant potential of the deposit. In partnership with TotalEnergies of France, Eni is keen to swiftly develop the Cronos-1 deposit and bolster energy supply to Europe.
With an estimated volume of approximately 2.5 trillion cubic feet (70.8 billion cubic meters) of hydrocarbon, the Cronos-1 deposit has demonstrated 'excellent gas deliverability capacity.' The appraisal well, located in Block 6, one of the 13 designated areas within Cyprus' offshore economic zone, was drilled roughly 100 miles (160 kilometers) southwest of the Cyprus coast.
Eni emphasized that the successful drilling not only showcases the company's commitment but also that of its partner, TotalEnergies, to expedite the selection of the most suitable and economically viable development solution for the deposit. This development will ultimately contribute to the supply of gas to Europe and the region as a whole.
TotalEnergies, in a separate statement, added that the thickness of the deposit is about 337 feet (115 meters), highlighting the substantial potential of the discovery.
The recent finding in Block 6 is not the first for Eni and TotalEnergies in the area. Previous gas discoveries were made in 2018 and 2022 within the same block. Furthermore, the two companies are also partners in six other blocks, with Eni as the operator for four of them.
Highlighting the potential positive impact on the country's energy sector, Cyprus' government spokesman Constantinos Letymbiotis stated that the multiple gas discoveries in Block 6 are expected to expedite their development.
Although Cyprus has been investing in renewable energy sources to bolster its energy generation, natural gas remains a vital component of its future energy mix. The country is actively seeking to reduce its dependency on crude oil imports by prioritizing the use of natural gas.
Overall, the appraisal of the Cronos-1 deposit has reinforced Eni and TotalEnergies' determination to swiftly proceed with its development, fortifying energy supply to Europe and bolstering Cyprus' role as a key player in the region's energy sector.
