Italian fuels giant Eni said Monday
it had made a major gas find off Cyprus.
Eni announced a "significant" gas discovery in the Cronos-1 well
drilled in Block 6, 160 km off the Cyprus coastline, in 2,287
metres of water depth. The Block is operated by Eni Cyprus
holding 50% interest with TotalEnergies as partner.
It said preliminary estimates indicate about 2.5 TCF of gas in
place, with "significant additional upside that will be
investigated by a further exploration well in the area".
The well has encountered an important gas column in a carbonate
reservoir sequence of fair to excellent properties. The intense
data acquisition campaign has shown an overall net pay of more
than 260m with intervals owning excellent permeability. Studies
on a fast-track development options are already ongoing.
Cronos-1 well is the fourth exploration well drilled by Eni
Cyprus and the second well in Block 6, following the gas
discovery of Calypso-1 in 2018.
The gas discovery of Cronos-1 can unlock additional potential in
the area and is part of Eni's successful effort to provide
further gas supply to Europe.
The discovery, Eni said, confirms the effectiveness of Eni's
exploration strategy aimed at "creating value through its deep
knowledge of geological plays and the application of advanced
geophysical technologies".
Eni has been present in Cyprus since 2013. The Company operates
Blocks 2, 3, 6, 8, and 9, and has participating interests in
Blocks 7 and 11 operated by TotalEnergies.
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