16 February 2024 , 13:38
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Eni and TotalEnergies are quickly working on natural gas deposits off Cyprus with the aim of bolstering energy supplies to Europe.
Eni announced on Wednesday that drilling to check a third natural gas discovery in waters off Cyprus shows the dedication of the Italian energy company and its French partner TotalEnergies to quickly develop the deposit and boost energy supply to Europe.
Eni said in a statement the appraisal well has proven the "excellent gas deliverability capacity" of the Cronos-1 deposit that's estimated to contain around 2.5 trillion cubic feet (70.8 billion cubic meters) of the hydrocarbon. The appraisal well was drilled about 100 miles (160 kilometers) southwest of the Cyprus coast inside Block 6, one of 13 designated areas inside the nation's offshore economic zone, where Eni and partner TotalEnergies of France hold exploration licenses.
Drilling "confirms the commitment of Eni and its partner TotalEnergies, to progress swiftly towards the selection of the most suitable and economically viable development solution, which will contribute to the supply of gas to Europe and the region," the company said. TotalEnergies said in a separate statement that the deposit's thickness is around 337 feet (115 meters).
The other gas discoveries in Block 6 were made in 2018 and 2022, respectively. Eni and TotalEnergies are partners in another six blocks with the Italian company operating four of them.
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Cyprus' government spokesman, Constantinos Letymbiotis, announced that the new finds in the area "is expected to contribute to expediting their development."
Even though Cyprus is working hard to use more renewable energy, it still sees natural gas as an important part of its future energy plans. This is because the country wants to use less crude oil from other places.