New 70 billion found in Cyprus cubic m gas field

Natasa Pilides, Minister of Energy of Cyprus. Photo by Philippos Christou (AP/Scanpix).

A newly discovered natural gas field near the southern coast of Cyprus contains about 70 billion cubic meters. cubic m of these energy resources, the Ministry of Energy in Nicosia announced on Monday.

The news could be a boon for Europe, which is looking for alternative energy sources amid a gas crisis due to Russia’s invasion of Ukraine.

In cooperation with partners Italian energy giants Eni and France’s Total, the field exploration was carried out using the Cronos 1 well, located 160 km offshore, at a depth of 2,287 m, in the exclusive economic zone of Cyprus, the ministry said in a statement. This is the second field discovered by the Eni and Total consortium in this area.

The consortium has not yet provided data on how much natural gas is in the Calypso field discovered in 2018. However, Eni said on Monday that the Cronos 1 discovery “could open up additional potential in the area” and that it was part of the company’s “successful efforts to secure further gas supplies to Europe”.

Cronos is the fourth natural gas field discovered near Cyprus. The deposit discovered by ExxonMobil and its partner Qatar Petroleum is believed to hold between $142 billion and $227 billion. cubic m of gas, and the field explored by Chevron together with Shell and Israel’s NewMed Energy contains up to 125 billion. cubic m.

Cyprus’ energy ministry said the Eni-Total consortium vessel Tungsten Explorer is now continuing work on another well to “accurately assess gas volumes”.

The Cypriot government has noted that Russia’s invasion of Ukraine has provided additional incentives to seek alternative fuel suppliers, especially after the European Union (EU) confirmed that natural gas can be used as a transition fuel until 2050 as the Community moves towards cleaner energy.

Natasa Pilides, Minister of Energy, said that Cyprus’ role in the Community’s energy plans is becoming even more important as the EU works to end dependence on Russian gas.

According to N. Pilides, the fact that the newly discovered field is located near ExxonMobil’s exploration area may open the possibility of cooperation with the Eni-Total consortium.

The minister added that the most likely scenario for supplying the European market would be to pump gas through a pipeline to liquefaction plants in Egypt and transport it by ship.

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