Eni drills second well at Cronos gas discovery off Cyprus

Credit: REUTERS/AFOLABI SOTUNDE

MILAN, Feb 15 (Reuters) - Italian energy group Eni ENI.MI on Thursday said it had drilled a second well to appraise the Cronos gas discovery off Cyprus.

The Cronos-2 well was drilled to confirm the lateral extension of the discovery, located about three kilometres away.

A production test allowed an estimation of well production capacity in excess of 150 million standard cubic feet per day (MMSCFD).

"Drilling Cronos-2 shortly after the discovery of Cronos confirms the commitment of Eni and its partner TotalEnergies, to progress swiftly towards the selection of the most suitable and economically viable development solution," Eni said, adding that the discovery would contribute to gas supply to Europe and the region.

On Wednesday, Commerce, Industry and Energy Minister George Papanastasiou told Reuters that Cyprus could start producing its first natural gas as soon as 2026 and mentioned Cronos as the discovery likely to be developed first.

Cronos-2 is the fourth well drilled by Eni in Block 6, following the Calypso gas discovery in 2018 and of Cronos and Zeus in 2022.

Eni has been present in Cyprus since 2013. Block 6 is operated by Eni holding 50% interest, with TotalEnergies TTEF.PA as partner.

(Reporting by Francesca Landini; editing by Jason Neely)

((francesca.landini@thomsonreuters.com; +39 02 66129437; Reuters Messaging: reutersitaly.thomsonreuters@reuters.net))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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