Eni and TotalEnergies are swiftly developing natural gas deposits off Cyprus to supply Europe - ABC News
Eni and TotalEnergies are swiftly developing natural gas deposits off Cyprus to supply Europe - ABC News
Eni and TotalEnergies are swiftly developing natural gas deposits off Cyprus to supply Europe
Eni says drilling to appraise a third natural gas discovery in waters off Cyprus shows the commitment of the Italian energy company and its French partner TotalEnergies to swiftly develop the deposit and bolster energy supply to Europe
NICOSIA, Cyprus -- Eni said Wednesday that drilling to appraise a third natural gas discovery in waters off Cyprus shows the commitment of the Italian energy company and its French partner TotalEnergies to swiftly develop the deposit and bolster energy supply to Europe.
Eni said in a statement the appraisal well has proven the “excellent gas deliverability capacity” of the Cronos-1 deposit that’s estimated to contain around 2.5 trillion cubic feet (70.8 billion cubic meters) of the hydrocarbon.
The appraisal well was drilled approximately 100 miles (160 kilometers) southwest of the Cyprus coast inside Block 6, one of 13 designated areas inside the nation’s offshore economic zone, where Eni and partner TotalEnergies of France hold exploration licenses.
Drilling “confirms the commitment of Eni and its partner TotalEnergies, to progress swiftly towards the selection of the most suitable and economically viable development solution, which will contribute to the supply of gas to Europe and the region,” the company said.
TotalEnergies said in a separate statement that the deposit’s thickness is around 337 feet (115 meters).
The other gas discoveries in Block 6 were made in 2018 and 2022, respectively. Eni and TotalEnergies are partners in another six blocks with the Italian company operating four of them.
Cyprus’ government spokesman Constantinos Letymbiotis said the multiple discoveries in the block “is expected to contribute to expediting their development.”
Although Cyprus is investing to increase its energy generation from renewable sources, it counts natural gas as a key component of its future energy mix as it seeks to steer away from its dependence on crude oil imports.
Related Knowledge Center: Liquefied natural gas
Driven by plentiful natural gas produced from shale plays, the United States began exporting liquefied natural gas in 2016 when the Sabine Pass terminal in Louisiana opened and shipped its first cargo. Since then, additional capacity, or trains, have been added to Sabine Pass, and terminals have become operational in Cameron Parish, La.; Hackberry, La.; Cove Point, Md.; and Corpus Christi, Texas. The Energy Information Administration projects that U.S. LNG export capacity will reach 8.9 billion cubic feet per day (Bcf/d) by the end of 2019, making it the third largest in the world, behind Australia and Qatar. The tariff war with China has the potential to impact some final investment decisions for additional terminals in the coming months.