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Economy

Italian Company Eni Drills Second Gas Well in Cyprus’ Cronos Field’

February 19, 2024

NICOSIA – The Italian energy group Eni said it has drilled a second gas research well in the Cronos field off Cyprus with a production test estimating it could have a capacity of more than 150 million standard cubic feet per day (MMSCFD.)

The Cronos-2 well was drilled to confirm the lateral extension of the discovery, located about three kilometers (1.86 miles) away, said Reuters.

“Drilling Cronos-2 shortly after the discovery of Cronos confirms the commitment of Eni and its partner TotalEnergies, to progress swiftly towards the selection of the most suitable and economically viable development solution,” Eni said, adding it would contribute to gas supply to Europe and the region.

https://www.reuters.com/business/energy/eni-drills-second-well-cronos-gas-discovery-off-cyprus-2024-02-15/

Commerce, Industry and Energy Minister George Papanastasiou told Reuters that Cyprus could start producing its first natural gas as soon as 2026 and mentioned Cronos as the discovery likely to be developed first.

Cronos-2 is the fourth well drilled by Eni in Block 6, following the Calypso gas discovery in 2018 and of Cronos and Zeus in 2022. Eni has been present in Cyprus since 2013. Block 6 is operated by Eni holding 50% interest, with the French company TotalEnergies as a partner.

Turkey is also hunting for oil and gas in parts of Cyprus’ Exclusive Economic Zone (EEZ) in defiance of soft European Union sanctions, which has exacerbated tension with the bloc and Greek-Cypriot government.

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