"Cronos" and other discoveries speed up gas development

The Ministry of Energy and the licensee consortium within Block 6 of Cyprus' Exclusive Economic Zone (EEZ) are currently engaged in exploring methods for the optimal utilisation of the gas reservoirs discovered in the area, as confirmed Thursday by Government Spokesman Konstantinos Letymbiotis. He further highlighted that progress within Block 6 will speed up due to these discoveries.

Replying to questions during Thursday’s media briefing at the Presidential Palace, the Government Spokesperson, referred to the completion of drilling operations at "Cronos-2" within Block 6 of Cyprus EEZ, by the consortium of Eni Cyprus Limited (Operator) and TotalEnergies EP Cyprus B.V.

He noted that "Cronos" marks the third natural gas discovery in Block 6 of Cyprus’ EEZ, alongside "Calypso" (2018) and "Zeus" (2022).

“At present, the Ministry of Energy and the licensee consortium are exploring ways for the optimal exploitation of the reservoirs, which is expected to involve gas supply to the Eastern Mediterranean, Cyprus, and Europe. The consortium's discoveries are anticipated to accelerate their development”, Letymbiotis said.

Both Eni and Total Energies have issued statements regarding the successful completion of the "Cronos-2" operations, he added.

When asked about Block 6 development, the Spokesperson mentioned that the Ministry of Energy has made its initial assessments, but all matters would be discussed with the consortium, given the availability of specific data at present.

He added that the government's main goal was "to ensure that Cypriot citizens, consumers, and households have access to cheaper energy as soon as possible. Therefore, setting timelines that are feasible, realistic, and specific is certainly on our minds."

The Government Spokesperson explained that the drilling, conducted 160 kilometers off the coast of Cyprus and 3 kilometers from the initial exploratory well "Cronos-1," revealed the presence of the same natural gas column, with a productive zone within a geological formation exceeding 115 meters. Furthermore, he confirmed that this constitutes an extension of the "Cronos" reservoir, with similar characteristics in carbonate rocks.