LAST UPDATE 13:39
Energy companies TotalEnergies and Eni have announced a major natural gas discovery of up to 70 billion cubic meters in Block 6 (Cronos-1), offshore Cyprus.
The Cronos-1 field, which is located approximately 160 km southwest of the coast of Cyprus and at a depth of 2,287 meters, showed several good intervals of good quality carbonates and confirmed a total net gas pay of more than 260 meters, TotalEnergies said in a statement.
This discovery follows the Calypso-1 discovery made in the same plot in 2018.
A further field is planned to be drilled in Block 6 to investigate whether significant additional resources exist and to evaluate the best development options.
The two companies have a joint 50% interest in plot 6.
“This successful Cronos-1 exploration is yet another illustration of the impact of our exploration strategy that focuses on resource discovery at low technical cost and low carbon emissions to contribute to energy security, including providing additional sources of natural gas supply to Europe,” says Kevin McLachlan, vice president at TotalEnergies.
The Italian newspaper La Repubblica reports that this is a huge deposit, “one of the largest in the world”, as it points out, and that it will take about a year before its exploitation can begin. He adds that in this way it will be possible to increase the energy autonomy of Italy and the whole of Europe.
La Repubblica reports at the same time that Israel has expressed interest in the creation of a natural gas pipeline, which would pass through Cyprus and reach Greece and various other EU countries.
New exploration drilling
The drillship “Tungsten Explorer” has now moved to the “Zeus-1” target, for a new exploratory drilling in Block 6 in order to more accurately estimate the quantities of natural gas in the block in question.
According to the Ministry of Energy of Cyprus, the consortium of Eni Cyprus Limited and TotalEnergies EP Cyprus BV and the Ministry are already working on ways to accelerate and optimally exploit the new discovery in the EEZ of Cyprus, among other things contributing to Europe’s efforts to strengthen the energy of safety and in this context the new research drilling will be carried out.
Characteristics of good to excellent quality
Following the announcements of Eni Cyprus Limited and TotalEnergies EP Cyprus BV, the Cypriot Ministry of Energy announced on its part that the “Cronos-1” exploratory drilling work has been successfully and safely completed, within Block 6 of the Exclusive Economic Zone of Republic of Cyprus.
“And based on the extensive analysis of the resulting data, the reservoir discovered has good to excellent quality characteristics and has, according to preliminary estimates, a total amount of natural gas of 2.5 trillion cubic feet (Tcf),” he adds.
Source: Capital
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