Trending: Eni, TotalEnergies Make Significant Natural Gas Discovery in Cyprus
23 August 2022 - 01:06AM
Dow Jones News
1436 GMT - Energy companies Eni and TotalEnergies are among the
most mentioned companies across news items in Europe over the past
12 hours, according to Factiva data, after a significant natural
gas deposit was found off the coast of Cyprus. Italian energy
company Eni said preliminary estimates of the Cronos-1 well
indicate the presence of about 2.5 trillion cubic feet of natural
gas. The well is located in offshore Block 6 and is operated by Eni
Cyprus, which holds a 50% interest, with France's TotalEnergies
holding the rest. The well is located 160 kilometers off the
Mediterranean island's southwestern coast, Eni said. Further
drilling at another well is planned to confirm the block's
potential, TotalEnergies said. The discovery will contribute to
Europe's energy security and provide an additional source of the
much-needed gas to the continent, said TotalEnergies Senior Vice
President Kevin McLachlan. It comes amid an energy crisis in Europe
sparked by curtailed natural-gas deliveries from Russia.
Natural-gas flows along the key Nord Stream pipeline are currently
at 20% of capacity since late July, after having been reduced to
40% in June. Dow Jones & Co. owns Factiva.
(pierre.bertrand@wsj.com)
(END) Dow Jones Newswires
August 22, 2022 10:51 ET (14:51 GMT)
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