Eni and TotalEnergies have announced a major success in their exploration activities in Block 6 offshore Cyprus, where they have made a significant gas discovery at the Cronos-2 well.
The Cronos-2 well, drilled by the Transocean Barents rig, is the second well in the Cronos field, located about 3 km away from the first Cronos-1 well, which was drilled in August 2022. The Cronos-2 well encountered a thick gas column with excellent permeability intervals in several carbonate reservoirs, confirming the hydraulic communication between the two wells and the lateral extension of the field.
The Cronos-2 well also demonstrated an “excellent gas deliverability capacity”, according to Eni, which said that based on the production test, the well could produce more than 150 million cubic feet per day of gas. This result is “instrumental in progressing with the studies to select the best fast-track development option” for the field, the company added.
Eni is the operator of Block 6 offshore Cyprus, with a 50% stake. TotalEnergies holds the other 50%. The two companies have been exploring the block since 2016, when they signed an exploration and production-sharing contract with the Republic of Cyprus. Since then, they have made three gas discoveries in the block: Calypso in 2018, Zeus in 2022, and Cronos in 2022-2023.
The Cronos discovery is part of a wider exploration campaign that Eni and TotalEnergies are conducting in the Eastern Mediterranean region, where they have also made significant gas discoveries in Egypt and Lebanon. The region is considered to be one of the most promising areas for natural gas development in the world, as it holds an estimated 122 trillion cubic feet of gas resources, according to the US Geological Survey.
The gas discoveries in the Eastern Mediterranean have also attracted the interest of other major energy players, such as ExxonMobil, Shell, and Chevron, which have secured exploration licenses in Cyprus, Israel, and Greece. However, the region also faces geopolitical challenges, as some of the gas fields are located in disputed waters and have sparked tensions between Turkey and its neighbors.
The development of gas resources in the Eastern Mediterranean could have significant benefits for the energy security and economic growth of the region, as well as for the global transition to a low-carbon future. Natural gas is seen as a cleaner and cheaper alternative to coal and oil, and as a bridge fuel to renewable energy sources.
Eni and TotalEnergies have not yet disclosed their development plans for the Cronos field, but they have indicated that they are considering various options, such as floating LNG (FLNG), which would allow them to liquefy the gas at sea and export it to global markets, or a pipeline connection to Egypt, where they have access to an onshore LNG facility. Alternatively, they could also supply the gas to the domestic market in Cyprus, which currently relies on imported oil and gas for its electricity generation.
The successful appraisal of the Cronos gas discovery confirms the presence of significant resources and production potential in Block 6, said TotalEnergies senior vice president for MENA Julien Pouget. “Full evaluation of the discovered resources will now be carried out to determine the best development option to contribute to supply gas to Europe and the region,” he added.
The gas discoveries in Cyprus are a testament to the exploration capabilities and technological innovation of Eni and TotalEnergies, as well as to their commitment to supporting the energy transition and the sustainable development of the countries where they operate. The companies have also been involved in various social and environmental initiatives in Cyprus, such as supporting education, health, and cultural projects, and promoting the protection of marine biodiversity and the reduction of greenhouse gas emissions.
The Cronos-2 well marks another milestone in the history of gas exploration in the Eastern Mediterranean, and opens up new opportunities for cooperation and development in the region. As the world faces the challenges of climate change and energy demand, the gas resources in the Eastern Mediterranean could play a vital role in providing a reliable, affordable, and clean source of energy for the present and the future.
Source: Energy Voice
