New gas field discovery in Cyprus EEZ

Italian oil major Eni announced a new gas discovery offshore Cyprus with the well Zeus-1, drilled in Block 6, 162 km off the coastline in 2300 meters of water depth. The Block is operated by Eni Cyprus, holding 50% interest, with TotalEnergies as partner.

Zeus-1 is the third consecutive discovery in Block 6. It follows Cronos-1 and Calypso-1 and confirms the promising outlook for the area and its development. Zeus-1 encountered 105 meters of net gas pay in a carbonate reservoir sequence. The gas in place associated to this reservoir is preliminarily estimated between 2 and 3 TCF.

Zeus-1 well was drilled and successfully tested with the Tungsten Explorer drill ship. Results of the test are being incorporated in the evaluation of the discoveries cluster that will drive subsequent studies and operations targeting a fast-track development of Block 6.

Eni has been present in Cyprus since 2013. The Company operates Blocks 2,3,6,8 and 9, and has participating interests in Blocks 7 and 11 operated by TotalEnergies.

TotalEnergies holds a 50% interest in Block 6, where Eni is the operator (50%). In Cyprus, TotalEnergies is also present in offshore Block 11 (50%, operator), 7 (50%, operator), 2 (20%), 3 (30%), 8 (40%) and 9 (20%).

The new discovery strengthens the South-Eastern Mediterranean region’s prospects as a new source of gas supply for Europe, contributing to the continent’s energy independence. The suspected fields south and southwest of Crete, where ExxonMobil is conducting seismic surveys, are located in the same geological basin. According to EDEIP data, the geological structures identified in the Ionian and Cretan regions could potentially host reserves of 70-90 trillion cubic feet of gas, enough to cover 15%-20% of EU consumption.