AP

Eni, Total announce sizeable new gas discovery off Cyprus

Dec 21, 2022, 7:14 AM | Updated: 7:35 am

NICOSIA, Cyprus (AP) — A consortium made up of energy companies Eni of Italy and France’s Total is expediting plans to develop natural gas deposits off Cyprus following the discovery of a third field containing 2-3 trillion cubic feet of the hydrocarbon inside the same licensed exploration area, the Cypriot energy ministry said Wednesday.

The ministry announced the discovery at the “Zeus-1” well some 162 kilometers (100 miles) inside Block 6 off Cyprus southern coastline, at a depth of 2,300 meters (1.42 miles).

The field, containing a 105-meter (344-foot) column of gas is located just 5 kilometers (3 miles) west of the “Cronos-1” well where the consortium announced in August an estimated 2.5 trillion cubic feet of natural gas.

The consortium made its initial gas discovery in Block 6 in 2018 at the “Calypso-1” well, but hasn’t offered any estimates yet as to its size.

The ministry said the newest discovery “reaffirms the promising potential of the area” as Cyprus looks to export the hydrocarbon amid an energy crisis compounded by Russia’s war in Ukraine.

Cypriot Energy Minister Natasa Pilides told The Associated Press on Monday that the amount of gas already discovered inside Cyprus’ offshore economic zone is conservatively estimated at 12-15 trillion cubic feet. Other companies also holding exploration licenses for blocks inside Cyprus’ exclusive economic zone include Chevron and partners Dutch Shell and Israeli NewMed as well as ExxonMobil and partner Qatar Petroleum.

The Eni-Total consortium holds by far the most concessions — 7 of 13 blocs that make up Cyprus’ zone.

Chevron, Shell and NewMed are developing the Aphrodite field, estimated to hold approximately 4.25 trillion cubic feet of gas that’s expected to reach markets by 2027.

There’s enough natural gas in the east Mediterranean area for export until at least 2050, according to analyses by the East Mediterranean Gas Forum, a body composed of Greece, Italy, Egypt, Cyprus, Israel, France, Jordan and Palestine.

Copyright © The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

AP

The U.S. Supreme Court is seen, Thursday, Feb. 8, 2024, in Washington. The U.S. Supreme Court has h...

Associated Press

Supreme Court decision on Trump’s election status could come Monday morning

A SCOTUS decision could come Monday in the case about whether Trump can be kicked off the ballot over his efforts to undo his 2020 defeat.

1 day ago

Republican presidential candidate former UN Ambassador Nikki Haley poses for a selfie after speakin...

Associated Press

Nikki Haley wins D.C. Republican primary, her first 2024 victory

Nikki Haley has won the Republican primary in the District of Columbia, notching her first victory of the 2024 campaign.

1 day ago

An Apache group that has fought to protect land it considers sacred from a copper mining project in...

Associated Press

A US appeals court ruling could allow mine development in central Arizona on land sacred to Apaches

An Apache group that has fought to protect land from a copper mining project in central Arizona suffered a significant blow.

1 day ago

On Friday, March 1, 2024, the U.S. Food and Drug Administration said yogurt sold in the U.S. can ma...

Associated Press

Eating yogurt may reduce risk of type 2 diabetes, FDA says

Eating at least two cups of yogurt a week might reduce the risk of type 2 diabetes, the U.S. Food and Drug Administration said.

2 days ago

Arizona will not approve new housing construction on the fast-growing edges of metro Phoenix that r...

Associated Press

Arizona Senate passes plan to manage rural groundwater, but final success is uncertain

A plan to manage rural groundwater passed the Arizona Senate amid concerns about the availability of sufficient water for future generations.

3 days ago

A woman pauses while shopping at a Kohl's store in Clifton, N.J., Jan. 26, 2024. On Thursday, Feb. ...

Associated Press

Federal Reserve’s preferred inflation gauge picked up last month in sign of still-elevated prices

An inflation gauge favored by the Federal Reserve increased in January, the latest sign that the slowdown in U.S. consumer price increases is occurring unevenly from month to month.

4 days ago

Sponsored Articles

...

Midwestern University

Midwestern University Clinics: transforming health care in the valley

Midwestern University, long a fixture of comprehensive health care education in the West Valley, is also a recognized leader in community health care.

...

Collins Comfort Masters

Avoid a potential emergency and get your home’s heating and furnace safety checked

With the weather getting colder throughout the Valley, the best time to make sure your heating is all up to date is now. 

...

Canvas Annuity

Interest rates may have peaked. Should you buy a CD, high-yield savings account, or a fixed annuity?

Interest rates are the highest they’ve been in decades, and it looks like the Fed has paused hikes. This may be the best time to lock in rates for long-term, low-risk financial products like fixed annuities.

Eni, Total announce sizeable new gas discovery off Cyprus