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Eni and Total have made a mega-discovery off the coast of Cyprus, is the title of an article in the Italian newspaper La Repubblica, which is the first news item on the newspaper's website.
As it became known earlier today, the Italian hydrocarbon company Eni announced that its joint venture with the French TotalEnergies has discovered reserves of 70 billion cubic metres of natural gas in the area included in the drilling licence granted to the two companies. The "significant discovery" was made in the Cronos-1 well, in Block 6 of the Cypriot EEZ, 160 kilometres off the coast of Cyprus, at a depth of 2,287 metres.
"The Cronos-1 showed fairly good intervals of good quality carbonates and confirmed a total net gas pay of over 260 metres," TotalEnergies said in a statement.
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READ HERE What the Energy Minister said about it
The Italian newspaper La Repubblica reports that it is a huge deposit, "one of the largest in the world", it notes, and that it will take about a year before exploitation can begin. It adds that this would allow Italy and the whole of Europe to increase its energy autonomy.
"It was only a matter of time, as it is one of the largest deposits in the world," he writes.
La Repubblica also reports that Israel has expressed interest in creating a gas pipeline that would pass through Cyprus and reach Greece and several other EU countries.
This discovery comes after the discovery in Calypso-1 made in the same plot in 2018.
There are plans to drill another well in Block 6 in order to investigate whether there are significant additional resources and to evaluate the best development options.
According to ENI's announcement, preliminary estimates at the well indicate reserves of 2.5 tcf (trillion cubic feet), "with significant additional upside potential" to be explored by a further exploration well in the area.
The two companies jointly hold a 50% interest in Block 6.
"This successful exploration at Cronos-1 is another illustration of the impact of our exploration strategy focused on discovering low-technical cost, low-carbon resources to contribute to energy security, including providing additional sources of gas supply to Europe," says Kevin McLachlan, vice president at TotalEnergies.
Contents of this article including associated images are belongs Cyprus Times
Views & opinions expressed are those of the author and/or Cyprus Times
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