TotalEnergies and Eni declare the discovery of gas in Cyprus

French TotalEnergies (TTEF.PA) and Italian Eni (ENI.MI) have declared a major gas discovery. TotalEnergies and ENI announced on Monday that a large deposit of natural gas had been discovered at the Cronos-1 well off the coast of Cyprus.

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“Preliminary estimates point to around 2.5 tcf of gas in place, with a significant additional upside that will be investigated by another exploration well in the area,” Eni said in a statement regarding the latest discovery.

It is the third offshore gas discovery reported in Cyprus, all still untapped, and comes as the European Union seeks an alternative supply to Russian gas following Moscow’s invasion of Ukraine in February.

The island was divided after a Turkish invasion in 1974 in response to a brief Greek-inspired coup.

“This successful exploration well at Cronos-1 is another illustration of the impact of our exploration strategy which is focused on finding low technical cost and low carbon resources,” said Kevin McLachlan, senior vice president for exploration at TotalEnergies.

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He said additional sources of gas supply would contribute to Europe’s energy security.

“Studies on accelerated development options are already underway,” Eni said.

TotalEnergies and Eni started drilling work on the Cronos-1 prospect in offshore Block 6 in May.

They collaborate through the local units Eni Cyprus and TotalEnergies EP Cyprus BV and each hold a 50% stake.

The island reported its first natural gas find, Aphrodite, in 2011, measuring around 4.5 trillion cubic feet (tcf), and is now led by US energy company Chevron .

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