2022-08-23 10:35:00
GAS FOR CYPRUS
ENI - San Donato Milanese (Milan), 22 August 2022 – Eni announces a significant gas discovery in the Cronos-1 well drilled in Block 6, 160 km off Cyprus coastline, in 2,287 metres 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.
The discovery confirms 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 operated by TotalEnergies.
-----
Earlier:
2022, August, 22, 13:30:00
EUROPEAN GAS PRICES UP ANEW
Benchmark futures rose as much as 16%, also driving up electricity prices to fresh records. The key Nord Stream pipeline will stop for three days of maintenance on Aug. 31, again raising concerns that the link won’t return to service as planned after the works.
2022, August, 19, 09:10:00
EUROPEAN GAS PRICES RECORD
Europe is engulfed in an energy crisis fanned by limited supplies from Russia, as well as increased demand amid recovery from the pandemic and a hot and dry summer that has increased the need for cooling.
2022, August, 16, 14:20:00
EUROPEAN GAS PRICES RISE
Benchmark futures increased as much as 6.5%, after settling 6.8% higher on Monday.
2022, August, 15, 12:30:00
EUROPEAN HUNGRY WINTER
When Russia invaded Ukraine in March, things went from tightness of supply to impending disaster. Russia, through a complex network of pipelines, is the principal supplier of natural gas to Europe and all petroleum products to Germany. Now it has curtailed normal flows.
2022, August, 15, 12:25:00
EUROPEAN ENERGY APOCALYPSE
Berlin is already under serious pressure after Russia cut flows through Nord Stream 1, the key connector with Europe, which is currently running at just 20 per cent capacity.
2022, August, 4, 10:40:00
EUROPE WILL PAY MORE
Energy consumer prices are rising at an annual rate of nearly 40 per cent in the eurozone and 57 per cent in the UK, reflecting the surge in wholesale gas and oil prices after Russia’s invasion of Ukraine. That is drastically eating into households’ disposable income.
2022, May, 19, 13:50:00
EUROPEAN ENERGY SUICIDE
Saying no to Russian energy means that Europe will systemically and for the long term become the world’s most costly region for energy resources.
