Eni and TotalEnergies Make Significant Gas Discovery Offshore Cyprus

Eni announces a significant gas discovery in the Cronos-1 well drilled in Block 6, 160 km off Cyprus coastline, in 2,287 meters of water depth. The Block is operated by Eni Cyprus holding 50% interest with TotalEnergies as partner.

Preliminary estimates indicate about 2.5 TCF of gas in place, with significant additional upside that will be investigated by a further exploration well in the area.

The well has encountered an important gas column in a carbonate reservoir sequence of fair to excellent properties. The intense data acquisition campaign has shown an overall net pay of more than 260m with intervals owning excellent permeability. Studies on a fast-track development options are already ongoing.

Cronos-1 well is the fourth exploration well drilled by Eni Cyprus and the second well in Block 6, following the gas discovery of Calypso-1 in 2018.

The gas discovery of Cronos-1 can unlock additional potential in the area and is part of Eni’s successful effort to provide further gas supply to Europe.

"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, to contribute to energy security including to provide an additional sources of gas supply to Europe” said Kevin McLachlan, Senior Vice President, Exploration at TotalEnergies.

Eni has been present in Cyprus since 2013. The Company operates Blocks 2, 3, 6, 8, and 9, and has participating interests in Blocks 7 and 11 operated by TotalEnergies.

The drilling of another exploration well on Block 6 is planned, in order to investigate significant additional resource upside and to evaluate the best development options.