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Cypriot Gas Discovery Offers Potential Gas Supply for Europe

NATURAL GAS

TotalEnergies and Eni announced a significant gas discovery off Cyprus earlier.

  • “Preliminary estimates indicate about 2.5 TCF of gas in place, with significant additional upside that will be investigated by a further exploration well in the area.” Eni said in a statement.
  • The discovery marks the third off Cyprus, all still undeveloped.
  • The discoveries could be given more precedence now the EU is looking for ways to move away from Russian gas.
  • Cyprus and the companies are 'already processing ways to expedite and optimise use of this new discovery, (which will) contribute to efforts of Europe in boosting its energy security,' Cyprus's Energy Ministry said.
Energy BulletsCommodities
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