Connect with us
Finance Digest is a leading online platform for finance and business news, providing insights on banking, finance, technology, investing,trading, insurance, fintech, and more. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.


By Juliette Portala and Tassilo Hummel

PARIS (Reuters) – TotalEnergies of France and Italy’s Eni on Monday announced a significant natural gas discovery at the Cronos-1 well off Cyprus.

The island reported its first natural gas discovery, Aphrodite, in 2011, measuring around 4.5 trillion cubic feet (tcf) and now run by U.S. energy firm Chevron.

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,” Eni said in a statement regarding the latest discovery.

It marks the third offshore gas find reported in waters off Cyprus, all of them still untapped, and comes as the European Union seeks alternative supply to Russian gas after Moscow’s February invasion of Ukraine.

Cyprus and the companies are ‘already processing ways to expedite and optimise use of this new discovery, (which will) contribute to efforts of Europe in boosting its energy security,’ Cyprus’s Energy Ministry said.

Sector rivals Exxon and Qatar Petroleum are also drilling in the east Mediterranean region where gas output has soared as older discoveries finally bear fruit.

An appraisal well reaffirmed a reservoir of high quality gas in another area south-west of the island, Cypriot authorities said in March.

EU member Cyprus, however, has faced strong objection from Turkey over its offshore exploration programme, with overlapping claims of jurisdiction extending from land to sea.

The island was divided after a 1974 Turkish invasion in response to a brief Greek inspired coup.

This successful exploration well at Cronos-1 is another illustration of the impact of our exploration strategy which is focused on discovering resources with low technical cost and low carbon emissions, said Kevin McLachlan, senior vice president for exploration at TotalEnergies.

He said additional sources of gas supply would contribute to Europe’s energy security.

“Studies on a fast-track development options are already ongoing,” Eni said.

TotalEnergies and Eni began drilling work at the Cronos-1 prospect in offshore Block 6 in May. In 2018 they reported a ‘promising’ gas discovery at Calypso-1, another well in Block 6.

They are collaborating via local units Eni Cyprus and TotalEnergies EP Cyprus BV and each hold a 50% stake.


(Reporting by Tassilo Hummel and Juliette Portala; additional reporting by Michele Kambas editing by Sudip Kar-Gupta and Jason Neely)


Continue Reading

Why pay for news and opinions when you can get them for free?

       Subscribe for free now!

By submitting this form, you are consenting to receive marketing emails from: . You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email. Emails are serviced by Constant Contact

Recent Posts