ENI

1436 GMT - Energy companies Eni and TotalEnergies are among the most mentioned companies across news items in Europe over the past 12 hours, according to Factiva data, after a significant natural gas deposit was found off the coast of Cyprus. Italian energy company Eni said preliminary estimates of the Cronos-1 well indicate the presence of about 2.5 trillion cubic feet of natural gas. The well is located in offshore Block 6 and is operated by Eni Cyprus, which holds a 50% interest, with France's TotalEnergies holding the rest. The well is located 160 kilometers off the Mediterranean island's southwestern coast, Eni said. Further drilling at another well is planned to confirm the block's potential, TotalEnergies said. The discovery will contribute to Europe's energy security and provide an additional source of the much-needed gas to the continent, said TotalEnergies Senior Vice President Kevin McLachlan. It comes amid an energy crisis in Europe sparked by curtailed natural-gas deliveries from Russia. Natural-gas flows along the key Nord Stream pipeline are currently at 20% of capacity since late July, after having been reduced to 40% in June. Dow Jones & Co. owns Factiva. (pierre.bertrand@wsj.com)

(END) Dow Jones Newswires

August 22, 2022 10:51 ET (14:51 GMT)

Eni (BIT:ENI)
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