TotalEnergies TTEF.PA of France and Italy’s Eni ENI.MI’s significant natural gas discovery at the Cronos-1 well off Cyprus raises the Mediterranean island’s total potential capacity between 11.7 tcf and 14 .7 tcf.
This is what Philenews reported on Tuesday, hours only after Eni 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 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 CVX.N.
Monday’s discovery marks the third offshore gas find reported in Cyprus, all of them still untapped.
And it comes as the European Union seeks alternative supply to Russian gas after Moscow’s February invasion of Ukraine.
At the same time, any quantity confirmed in Calypso field, in bloc 6, is not calculated as ENI announced in 2018 that it had identified a deposit but has not yet made an official estimate of the quantity.
Insiders in Cyprus said this discovery is unofficially estimated between 1 and 3 tcf, without being certain that it is recoverable due to peculiarities in the seabed.