Eni has announced 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. Eni Cyprus holds a 50% interest in the Block.

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, said Eni in a statement.

The well has encountered an important gas column in a carbonate reservoir sequence with 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 fast-track development options are already ongoing.

The 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. The timing of the discovery is significant in light of Russia’s decision to halt gas supplies from Gazprom – its biggest gas producer – to Europe via the Nord Stream pipeline from August 31 until September 2. The Nord Stream currently supplies just 20% of the pipeline capacity, and the prospect of a complete halting of the gas flow could be detrimental to the European economy.

The discovery further establishes the effectiveness of Eni’s exploration strategy aimed at creating value through its deep knowledge of geological plays and the application of advanced geophysical technologies.

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.

Eni reported a jump in profits in the second quarter of 2022 on the back of soaring oil prices. Adjusted net profit in the period came in at 3.8 billion euros (€7.08 billion in Q1 2022), up from 0.93 billion euros in the same period last year.

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