Between two and three trillion cubic feet (Tcf) of natural gas has been uncovered in exploratory drilling in Block six of Cyprus Exclusive Economic Zone (EEZ), the energy ministry announced on Wednesday.
The find, in the Zeus-1 area of the block is at 162km from Cyprus’ coast, 5km west of the Cronos-1 site and at a depth of 2,300 metres.
Senior fellow at the Global Energy Centre of the Atlantic Council Charles Ellinas said this was good news but urged caution.
“Its good news obviously, although it is a small gas field it strengthens the prospects of the region,” he said, but stressed that a find of two to three Tcf is not enough to change energy companies’ long-term plans.
Ellinas explained that it strengthens ENI’s fund for potential development but that the EU still holds the key.
Ellinas said that one option is to link these discoveries to others nearby – mentioning ENI’s work in Egypt as well but reiterated that the EU has still not changed its policy on gas, reducing consumption by 2030.
“Some companies have already said that to develop these gas fields they need long term contracts, two to three Tcf is not large enough to change the plans of these companies,” he said.
The confirmation on Wednesday comes after ENI announced a similar discovery in Cronos-1 back in August, which yielded preliminary estimates of about 2.5 trillion Tcf.
The Calypso-1 gas discovery came in 2018.
ENI has been operating in Cyprus since 2013. The company operates blocks 2, 3, 6, 8 and 9, and holds stakes in blocks 7 and 11 operated by TotalEnergies.
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