Economy

Gas, Eni and Total have discovered a huge field off the coast of Cyprus

Milan – It was only a matter of time, as it is one of the largest deposits in the world. the group where are youin this case allied with the French total energyannounced that it is located abroad Cyprus reserves Gas for more than 70 billion cubic meters within their concession. The well in question was called Kronos and was located at a depth of 2287 meters, 160 kilometers from the coast of the island.

In perspective, this is news related to the energy independence policy ofItalia. Although it will take between one and two years before the discovery is translated into industrial activity: after the opening of the first hour, the area in which gas reserves must be found will be restricted: basically, other wells will be drilled. In fact, the scope could be broader. Gas extraction times also depend on this: how long the ambient phase will last. But even if Eni and Total decide to use leverage: for example, they can sell a minority stake to a third operator and in this way receive funds to use to speed up extraction times.

Technical problems aside, there is no doubt that the discovery increases Europe’s chances of freeing itself from Russian supplies and expands the scope for diversification. It also confirms the extent of the quadruple strategy The Mediterranean Sea Oriental. between Cyprus, Israel and Turkey has been identified”Leviathan“, a vast stretch of the seabed rich in natural gas that has become a hunting ground for all the large oil groups. It is associated with the giant discovered by Eni, further south, off the Egyptian coast, called Back.

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Leviathan’s significance is also geopolitical, given its location. there turkey It has always been claiming a larger commercial exploitation area, for example. But at the same time, it can allow new alliances: Israel It will be interested in building a gas pipeline that will start from his property and reach Cyprus and then reach the territory of the European Union in Greece.

Thelma Binder

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