Majors Make Significant Discovery Offshore Cyprus

Majors Make Significant Discovery Offshore Cyprus
Eni has announced a 'significant' gas discovery in the Cronos-1 well.

Eni has announced a “significant” gas discovery in the Cronos-1 well, which was drilled in Block 6, around 100 miles off Cyprus’ coastline in more than 7,500 feet of water depth.

Preliminary estimates indicate about 2.5 trillion cubic feet of gas in place, with significant additional upside that will be investigated by a further exploration well in the area, Eni, the operator of the block with a 50 percent interest, noted.

“The well has encountered an important gas column in a carbonate reservoir sequence of fair to excellent properties,” Eni said in a company statement.

“The intense data acquisition campaign has shown an overall net pay of more than 260 meters [853 feet] with intervals owning excellent permeability. Studies on a fast-track development options are already ongoing,” Eni added in the statement.

Eni stated that the gas discovery of Cronos-1 can unlock additional potential in the area and highlighted that the find is part of the company’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 said.

Also commenting on the find, Kevin McLachlan, the senior vice president of exploration at TotalEnergies, which also owns a 50 percent stake in Block 6, said, “this successful exploration well at Cronos-1 is another illustration of the impact of our exploration strategy which is focused on discovering resources with low technical cost and low carbon emissions, to contribute to energy security including to provide an additional sources of gas supply to Europe”.

TotalEnergies also noted that the drilling of another exploration well on Block 6 is planned “in order to investigate significant additional resource upside and to evaluate the best development options”.

Cronos-1 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. In a company statement back in February 2018, Eni announced that Calypso-1 was a “promising” gas discovery and confirmed the extension of the “Zohr like” play in the Cyprus Exclusive Economic Zone.

Eni, which has been present in Cyprus since 2013, operates Blocks 2, 3, 6, 8, and 9, and has participating interests in Blocks 7 and 11, which are operated by TotalEnergies.

Last week, Rystad Energy flagged Cronos-1 as one of 14 high impact wells the company expected to be completed or spudded in 2022. Rystad outlined that Eni operates two of the four high-impact wells currently being drilled, with one being Cronos-1 and the other the Dan Tranh-1X well in Block 115/09 off Indonesia. Dan Tranh-1X is targeting a newly identified Miocene play in the emerging Song Hong Basin, Rystad highlighted.

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