Cyprus: TotalEnergies Announces Significant Offshore Gas Discovery in Block 6

Rhea-AI Summary

TotalEnergies (Euronext: TTE) and Eni have discovered a significant gas reserve at the Cronos-1 well in Block 6, offshore Cyprus. This discovery, located about 160 km southwest of Cyprus, found over 260 meters of quality gas pay. The exploration success highlights TotalEnergies' commitment to a low-cost, low-carbon resource strategy aimed at enhancing energy security in Europe. An additional exploration well is planned to explore further resource potential. TotalEnergies holds a 50% interest in Block 6, which is operated by Eni.

Positive

• Significant gas discovery at Cronos-1 well with over 260 meters of net gas pay.
• Continued investment in exploration enhances energy security for Europe.
• Additional well planned to explore further resources.

Negative

• None.

PARIS--(BUSINESS WIRE)-- Regulatory News:

TotalEnergies (Paris:TTE) (LSE:TTE) (NYSE:TTE) and Eni (operator) have made a significant gas discovery at the Cronos-1 well, in Block 6, offshore Cyprus. This discovery follows the Calypso-1 discovery made on the same Block in 2018.

Located at approximately 160 km 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.

“This successful exploration well at Cronos-1 is another illustration of the impact of our Exploration strategy which is focused on discovering resources with low technical cost and low carbon emissions, to contribute to energy security including to provide an additional sources of gas supply to Europe” said Kevin McLachlan, Senior Vice President, Exploration at TotalEnergies.

The drilling of another exploration well on Block 6 is planned, in order to investigate significant additional resource upside and to evaluate the best development options.

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%).

***

About TotalEnergies
TotalEnergies is a global multi-energy company that produces and markets energies: oil and biofuels, natural gas and green gases, renewables and electricity. Our more than 100,000 employees are committed to energy that is ever more affordable, cleaner, more reliable and accessible to as many people as possible. Active in more than 130 countries, TotalEnergies puts sustainable development in all its dimensions at the heart of its projects and operations to contribute to the well-being of people.

 

@TotalEnergies TotalEnergies TotalEnergies TotalEnergies

Cautionary Note
This press release, from which no legal consequences may be drawn, is for information purposes only. The entities in which TotalEnergies SE directly or indirectly owns investments are separate legal entities. TotalEnergies SE has no liability for their acts or omissions. The terms “Company” or “TotalEnergies company” refer collectively to the company TotalEnergies SE and the companies it controls directly or indirectly. Such terms are used solely for the sake of convenience for purposes of the present communication. Likewise, the words “we”, “us” and “our” may also be used to refer to subsidiaries in general or to those who work for them. This document may contain forward-looking information and statements that are based on a number of economic data and assumptions made in a given economic, competitive and regulatory environment. They may prove to be inaccurate in the future and are subject to a number of risk factors. Neither TotalEnergies SE nor any of its subsidiaries assumes any obligation to update publicly any forward-looking information or statement, objectives or trends contained in this document whether as a result of new information, future events or otherwise.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220822005324/en/

TotalEnergies Contacts

Media Relations: +33 (0)1 47 44 46 99 l presse@totalenergies.com l @TotalEnergiesPR

Investor Relations: +33 (0)1 47 44 46 46 l ir@totalenergies.com

Source: TOTALENERGIES SE

FAQ

What was discovered at the Cronos-1 well by TotalEnergies?

TotalEnergies and Eni discovered significant gas reserves at the Cronos-1 well, with over 260 meters of net gas pay.

What is TotalEnergies' strategy regarding energy resources?

TotalEnergies focuses on discovering resources with low technical cost and low carbon emissions to contribute to energy security.

What is the location of the Cronos-1 well?

The Cronos-1 well is located approximately 160 km southwest of the Cyprus coast.

What percentage interest does TotalEnergies have in Block 6?

TotalEnergies holds a 50% interest in Block 6, where Eni is the operator.

Is there any further exploration planned after the Cronos-1 discovery?

Yes, TotalEnergies plans to drill another exploration well to investigate additional resource potential in Block 6.