Nicosia, Cyprus – A new natural gas discovery off the southern coast of Cyprus will boost Europe’s efforts to secure alternative energy sources, Cyprus’ Energy Ministry said on Monday.
The reservoirs are estimated to contain around 2.5 trillion cubic feet of natural gas as the supply crisis triggered by the Russian invasion of Ukraine is proving problematic. The ministry said in a statement that the discovery – by Italian partners Eni and France’s Total – was made at the Kronos-1 well 100 miles offshore in 7,500 feet of water within Cyprus’ exclusive economic zone. This is the second deposit discovered there by the Any Total consortium.
The consortium did not provide estimates of how much natural gas was contained in the first “Calypso” field found in 2018. However, Eni said in a statement on Monday that the discovery of Cronos-1 “could unlock additional potential in the region” and is part of the company’s “successful efforts to deliver more gas supplies to Europe”.
The discovery brought the number of deposits found in Cyprus to four: two by Eni-Total; an estimated 5-8 trillion cubic feet of gas, one from Exxon Mobil Corp and partner Qatar Petroleum; and another from Chevron Corp and partners Shell and Israeli Numed Energy estimated at up to 4.4 trillion cubic feet.
The Eni-Total consortium’s drillship Tungsten Explorer has now headed to a new drill target to “estimate the gas volume with greater accuracy,” the Energy Department said.
The Cypriot government has said that Russia’s invasion of Ukraine has given additional impetus to research into alternative fuel sources, particularly the EU’s confirmation that the bridge will be completed by 2050 as part of the gas block’s transition to clean energy. Can be used as fuel.
Energy Minister Natasa Pilides said the EU’s campaign to distance itself from Russian gas included Cyprus in the bloc’s energy plan.
Pilides said that the fact that the new discovery is close to Exxon Mobil wells could pave the way for a collaboration with the Eni Total consortium.
He said the most likely scenario to get the gas to European markets is to pipeline it to Egyptian processing plants for liquefaction and then transport it by ship.
FILE – People on the beach take pictures of the Tungsten Explore drillship in the southern coastal city of Larnaca, Cyprus, Wednesday, November 3, 2021. A new gas discovery off Cyprus’ southern coast estimated to contain about 2.5 trillion cubic feet of hydrocarbons is boosting Europe’s efforts to address the Securing alternative energy sources, Cyprus’ Ministry of Energy said Monday, August 22, 2022, as the supply crisis caused by the Russian invasion of Ukraine plagues the continent. (AP Photo/Petros Karadzias, File)