Latest Cyprus gas find ‘very positive’

Energy Minister George Papanastasiou said on Friday that findings from the ‘Cronos 2’ natural gas field were very positive.

The well, located 160km off the coast of Cyprus in block 6, confirmed the lateral extension of the Cronos-1 discovery, 3km away, revealing a net reservoir thickness of 115 meters.

A Drill Steam Test was also carried out, recording the “high quality of natural gas in the reservoir” as well as its high production capacity estimated to exceed 150 million Standard Cubic Feet per Day (MMSCFD) in production configuration.

Cronos is the third natural gas discovery in Block 6, along with Calypso in 2018 and Zeus in 2022.

Speaking to CyBC radio, Papanastasiou said he was optimistic about the find, even though the companies licenced in the area – Italian Eni and French Total – have not yet commented on the amount of natural gas found.

As he explained, a rich reservoir was identified and it was found that between the reservoirs at Cronos 1 and 2, there is gas flow through rocks.

The two reservoirs, he added, are considered to be linked.

Papanastasiou indicated that the gas will come out of one point and this is very positive as it will reduce the time to drill for the gas so that it can be transported to the markets much faster.

He also said that Eni conducted the drilling with production drilling characteristics so that the field could be exploited faster.

On Thursday, the energy ministry said it was working with the consortium and looking into the “optimal exploitation of the gas deposits.”

This includes supplying gas to the Eastern Mediterranean, Cyprus and Europe, while the cluster of gas discoveries is expected to accelerate their development.

Eni and Total also issued separate announcements for the appraisal of the Cronos gas discovery.

The production test is “instrumental in progressing with the studies to select the best fast-track development option,” Eni said.