Discussions will be held with the EU to include Cyprus in plans for the bloc’s energy independence following the invasion of Ukraine, President Nicos Anastasiades said on Sunday.
“Both Total and Qatar Petroleum will proceed with investigations, they are already carrying out seismic surveys, therefore, what remains is in a discussion that we will have with the European authorities,” Anastasiades said following an announcement last week of a further gas find.
“The Republic of Cyprus, despite the threats of Turkey, despite what is recorded with the violations of our EEZ, continues to implement its energy programme. You can see ENI continues drilling in the neighboring field to the recent find in the presence of an Italian warship,” he added.
Asked if the exploitation of the deposits can be accelerated in time, Anastasiades said that “it is not a matter that the Republic of Cyprus can determine, it is also a matter for the companies, which will invest depending on the findings. They’re taking some time.”
Energy Minister Natasa Pilides on Tuesday called the discovery of a natural gas field in the Cronos-1 well in Bock 6 “a very positive development for the country”.
Italian multinational oil and gas company Eni announced the discovery of the well, located about 160km off the coast of Cyprus, on Monday. Block 6 is operated by Eni Cyprus with a 50 per cent stake, and TotalEnergies as a partner.
Preliminary estimates indicate about 2.5 trillion cubic feet (TCF) of gas in place, with significant additional upside that will be investigated by a further exploration well in the area.
Pilides said the recent discovery and the new well, called Zeus-1, will create the conditions for viable investments from abroad.
Eni and TotalEnergies have also confirmed the newly found gas field is fully exploitable.