The Cronos-1 well encountered several good-quality carbonate reservoir intervals and confirmed a total net gas pay of more than 260 meters, TotalEnergies said in a statement. The amount of natural gas is estimated to be around 2.5 trillion cubic feet, according to Eni. The company added that a further exploratory well would be drilled in the area to explore the potential for “significant” additional uplift. Kevin McLachlan, Senior Vice President, Exploration at TotalEnergies, said: “This successful exploration at Cronos-1 is another illustration of the impact of our Exploration strategy focused on discovering resources at low technical cost and low carbon emissions, to contribute to energy security, including providing additional sources of natural gas supply to Europe.” READ MORE: Energy bills warning: ‘Devastating consequences’ as thousands face debt While Eni said in a statement that the gas discovery “could unlock additional potential in the region and is part of Eni’s successful effort to provide further gas supply to Europe”, bringing hope that the energy crisis could ease. However, the report on the discovery in an article titled “New discoveries confirm that a huge gas bonanza lies in the sea off Cyprus. Can it help solve the gas shortage in Europe?”, wrote Germany’s Frankfurter Allgemeine Zeitung, “it will probably be years before natural gas from Cyprus, if produced, reaches European consumers.” The newspaper quoted Moritz Rau, an energy expert at the German Institute for International and Security Affairs, who claimed that Cypriot gas would not be available in the short term and exporting it to international markets would likely trigger conflicts with Turkey. In particular, the expert concluded that “the obstacles outweigh the benefits” since the infrastructure for a business model is still lacking. And investors to enable this model “are hard to find as long as EU demand is not secured in the long term and it is not predictable that the project will be profitable,” according to Rau. DON’T MISS: Putin allied FLEE Crimea as explosions rock Russian bases Putin ‘fears for his life’ as Ukraine invasion ‘undermined’ by failure Putin’s growing alliance with North Korea as Kim tests rocket again But beyond the financial obstacles, Rau also mentions serious political obstacles to the exploitation of natural gas deposits in Cyprus in addition to the financial ones. The island has been divided since 1974, after Turkey seized the northern part in response to a Greek-inspired coup – and continues to hold it to this day. The conflict and Turkey’s quest for supremacy in the region are likely to put up strong barriers before Cypriot gas is traded internationally, the expert claimed, adding that Turkish Cypriots should share in the gains. Ankara has repeatedly made it clear by pushing back research vessels and illegal exploration “that the international marketing of Cypriot natural gas reserves can only be implemented with Turkish consent,” Rau says. Additional reference Monika Pallenberg
