Italian ENI’s exploration in the “Cronos-2” target within Block 6 of Cyprus’ exclusive economic zone (EEZ) appears to have yielded positive results, as gas flaring reported from the drilling site indicates the discovery of a natural gas reservoir.
According to the Cyprus News Agency, the occurrence of gas flaring is considered a clear indication of the presence of a natural gas deposit. The drilling activities at “Cronos-2” were conducted using the Transocean Barents floating rig, which is under lease by ENI, the operator of Block 6.
The discovery at “Cronos-2” marks the fourth successful find in Block 6, following the identification of “Zeus” with an estimated quantity of 2-3 trillion cubic feet, “Cronos-1” with an estimated quantity of 2.5 trillion cubic feet, and “Calypso.”
ENI characterised “Calypso” as a “promising discovery,” confirming the extension of the “Zohr-like play” within the Cypriot EEZ.
Situated approximately 160 kilometres southwest of Cyprus, Block 6 is operated by ENI with a 50% participation interest, while French Total is a partner with the remaining 50%. The recent developments in “Cronos-2” further contribute to the growing potential of Cyprus’ natural gas resources in the region.
On Friday, Energy Minister George Papanastasiou confirmed that ENI’s drilling activities at “Cronos-2” were successful, noting that the company will be submitting a development plan in the coming days.
He explained that because the reservoir is close to other gas fields, synergies will be required with other companies holding licenses for nearby gasfields.
The minister reminded that adjacent are Blocks 10 and 5, managed by ExxonMobil. Therefore, the government considers it reasonable for a collaboration among the involved companies to enable joint utilisation, leading to the transfer of Cypriot natural gas to the markets.
Cyprus has now acquired significant quantities of natural gas, attracting market attention, Papanastasiou said.
Last month, the energy minister announced that the construction of a terminal to transport offshore natural gas to Vasiliko is anticipated to be finished by the end of July.
“We anticipate the utilisation of natural gas at the EAC’s Vasilikos power plant by the end of 2024 or the beginning of 2025.”