ENI expected to announce preliminary results of drilling in Block 6

Anxiety prevails among the relevant state officials and officers, as well as the public opinion of Cyprus, for the announcement that is expected to be issued soon by the Italian ENI on the preliminary results of the successful drilling in Block 6, at the drilling target Kronos 2.

Already on Friday, the Government confirmed – with visuals from the flame lighting at dawn on Friday 19/1/24 – the discovery of a gas reserve in Kronos 2, and all that remains is for ENI to communicate its scientists’ assessment of the quantities likely to be present in the new field.

Even if the discovery in the Cypriot EEZ is limited to the quantities estimated to be present in the Kronos 1 and Zeus deposits (2 to 3 trillion cubic feet-tcf), also in Block 6, the total quantity of the block rises to 7 to 8 trillion cubic feet, almost double the quantity of the Aphrodite deposit. Not counting, in fact, the Calypso field, in the same block, for which curiously for years ENI has not made public the estimated gas quantity, although it had announced the successful completion of that well as well.

Moreover, hopes are raised that there are other reserves in Block 6 and the success in Kronos 2 (which followed the discoveries in Kronos 1 and Zeus, in the same “neighborhood”) whets the appetite of the ENI-Total consortium to expand exploration and drilling, for additional discoveries, which will further facilitate decision-making on the commercial exploitation of natural gas.

We recall that when in August 2022 ENI announced the discovery of the Kronow1 field, it had referred to the prospects of a significant additional discovery, which will be explored by a new well in the area. The additional significant discovery goes by the name of Kronos 2, but nothing precludes another or others from following.

Even without further drilling, however, ENI and Total are now being asked to make decisions on their next steps in Block 6.