Eni announces discovery of large gas field off Cyprus coast

A large gas field has been discovered 160 km from the coast of Cyprus, the Italian energy company Eni said, Report informs via TASS.

Eni owns 50% of Eni Cyprus and operates in the sixth block of the exclusive economic zone (EEZ) of Cyprus, where the Cronos-1 well was drilled for exploration.

As specified, the volume of reserves of the field, which is within the competence of Eni and partners of TotalEnergies, is estimated at 70 billion cubic meters. It is also assumed that the well has great potential, which will be assessed in the course of additional exploration work, the company said.

“The Cronos-1 well is the fourth exploration well drilled by Eni Cyprus and the second in the sixth block [Exclusive Economic Zone of Cyprus] after the discovery of the Calypso-1 well in 2018. The discovery of Cronos-1 creates conditions for the production of additional potential gas volumes in the region and is part of Eni's strategy to increase additional gas supplies to Europe,” the company said.

Eni has been present in Cyprus since 2013. The company operates the second, third, sixth, eighth and ninth blocks and owns shares in the seventh and 11th blocks, which are operated by TotalEnergies.