Italy’s Eni SpA and Paris-based TotalEnergies on Monday said they made a major natural gas discovery at the Cronos-1 well, in Block 6, offshore Cyprus.

TotalEnergies

Located about 100 miles southwest of the Cyprus coast, Cronos-1 “encountered several good quality carbonate reservoir intervals and confirmed overall net gas pay of more than 260 meters,” TotalEnergies said.

Early estimates show there are roughly 2.5 Tcf of natural gas in place, Eni added, “with significant additional upside that will be investigated by a further exploration well in the area…Studies on a fast-track development option are already ongoing.”

The majors’ discovery comes as the companies are moving with haste to help find new supplies for Europe amid Russia’s war in Ukraine.  

The Kremlin...