# TotalEnergies, Eni announce major Cyprus gas find Author: Pal Sinha, Barnali Author URL: https://financedigest.com/author/pal-sinha-barnali Published: 2022-08-22 Category: NEWS Category URL: https://financedigest.com/category/news Meta Title: TotalEnergies and Eni announce major natural gas discovery Meta Description: TotalEnergies and Eni announce a major natural gas find at Cronos-1 well, boosting Europe's energy security amidst rising tensions. URL: https://financedigest.com/totalenergies-eni-announce-major-cyprus-gas-findhtml ![undefined](https://prod.superblogcdn.com/site_cuid_cm5qst7v3003gwirgwqtxn8i8/images/2022-08-22t131544z2lynxmpei7l07vrtroptp4oil-companies-results-1736815405462-compressed.jpg) 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](https://www.financedigest.com/varo-energy-buys-80-of-dutch-biogas-firm-aims-to-double-capacity-by-2026.html "Varo Energy buys 80% of Dutch biogas firm; aims to double capacity by 2026") Chevron. Preliminary [estimates indicate about 2.5 tcf of gas](https://www.financedigest.com/gas-insulated-transformer-market-estimates-the-to-expand-at-around-5-4-cagr-from-2021-to-2031-2.html "Gas Insulated Transformer Market Estimates The To Expand At Around 5.4% CAGR from 2021 to 2031") 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](https://www.financedigest.com/ukraine-grants-citizenship-to-top-russian-journalist-who-denounced-war.html "Ukraine grants citizenship to top Russian journalist who denounced war"). 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](https://www.financedigest.com/europes-energy-crisis-and-the-nuclear-path-out.html "Europe’s energy crisis and the nuclear path out") 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](https://www.financedigest.com/uk-car-output-rises-in-august-soaring-costs-cast-shadow-over-recovery.html "UK car output rises in August, soaring costs cast shadow over recovery") 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](https://www.financedigest.com/reckon-one-builds-momentum-with-strong-backing-from-accountants-joining-the-cloud-advisor-programme.html "Reckon One builds momentum with strong backing from accountants joining the Cloud Advisor 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](https://www.financedigest.com/indias-top-explorer-ongc-signs-mou-with-frances-totalenergies.html "India’s top explorer ONGC signs MoU with France’s TotalEnergies"). He said additional sources of gas supply would contribute to [Europe’s energy](https://www.financedigest.com/europe-burns-cash-to-help-businesses-in-deepening-energy-crisis.html "Europe burns cash to help businesses in deepening energy crisis") 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](https://www.financedigest.com/kkr-sells-50-stake-in-spains-x-elio-to-partner-brookfield.html "KKR sells 50% stake in Spain’s X-elio to partner Brookfield"). (Reporting by Tassilo Hummel and Juliette Portala; additional reporting by Michele Kambas editing by Sudip Kar-Gupta and Jason Neely) --- This blog is powered by Superblog. Visit https://superblog.ai to know more. ---