Eni has announced an important gas discovery in Cyprus for over 70 billion cubic meters. This is important news for the energy future of Italy which is trying with all its might to free itself from dependence on Russia.
The discovery concerns in particular the Cronos-1 well, approximately 160 kilometers off Cyprus, in a water depth of 2.287 metres. The block is operated by Eni Cyprus with a 50% stake. TotalEnergies is partner with the remaining 50%.
“Preliminary estimates indicate approx 2,5 TCF (trillion cubic feet) of gas in place, with significant additional potential that will be evaluated with an additional exploratory well,” explains the company of the six-legged dog in a statement, adding that “The well encountered a major column of gas in a sequence of carbonate reservoir rock with fair to excellent properties. The intense data acquisition campaign highlighted an overall net pay of over 260 meters with intervals characterized by excellent permeability. Engineering studies are already underway for accelerated development of the discovery."
According to Eni, the discovery of Cronos-1 creates the conditions to lead to the development of further potential volumes of gas in the region and represents one of the actions achieved by Eni to support the supply of additional gas to Europe.
The Cronos-1 well is the fourth exploration well drilled by Eni Cyprus and the second in Block 6, after the Calypso-1 gas discovery in 2018. Eni has been present in Cyprus since 2013. The company operates blocks 2, 3, 6, 8 and 9, and holds interests in blocks 7 and 11 operated by TotalEnergies.
After the announcement, at Piazza Affari, the Eni share has jumped to the top of the Ftse Mib, with an increase of 1,44% to 11,94 euros while the list shows a red of 1,44%.
