NewsLocalUSA: Cyprus has right to develop resources within its EEZ, Cronos-1 discovery...

USA: Cyprus has right to develop resources within its EEZ, Cronos-1 discovery welcomed

Days after energy companies TotalEnergies and ENI said they had made a significant gas discovery at the Cronos-1 well, in Block 6, offshore Cyprus the US State Department welcomed the news.

A spokesman also sent the message on Wednesday that US policy on Cyprus’ Exclusive Economic Zone (EEZ) is long-standing and has not changed.

And that such a development can unlock additional potential in the area and promote European energy safety in the region, added the spokesman.

“We remain united with our Allies and partners in our commitment to advance European energy security, reduce our collective dependence on Russian energy and maintain pressure on Kremlin. US policy on Cyprus’ Exclusive Economic Zone (EEZ) is long-standing and has not changed,” he said.

Washington recognizes the right of the Republic of Cyprus to develop resources in its Exclusive Economic Zone, he also said.

The Cronos-1 exploration well struck a gas column in a carbonate reservoir with “fair to excellent” properties, including more than 800 feet of net pay and intervals with “excellent” permeability.

The initial estimates suggest a total field size of about 2.5 trillion cubic feet of gas, with good odds of finding more nearby.

Cronos-1 is the second in Cyprus’ Block Six, following Eni’s Calypso-1 discovery. Calypso is roughly three times as large, with reserves of about 6-8 trillion cubic feet.

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