New gas discovery in Cyprus reignites tensions

It is at a depth of 2287 meters, off the coast of Cyprus, 160 km south of the coastal town of Paphos, that the Franco-Italian consortium TotalEnergies-ENI discovered a third offshore gas field.

While this may not be the region’s most important discovery, it does come at a crucial moment in energy terms, as “these deposits could well represent, in the long term, a real European alternative to the supply of Russian gas”believes Kostis Stambolis, president of the Energy Institute of Southeastern Europe (IENE).

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The quantity discovered could, in fact, amount to up to 70 billion cubic meters of gas, which represents ten years of gas consumption of Greece, but only one month and a half of the needs of the European Union in winter . “Obviously, this plot cannot be exploited alone, but by adding the other deposits already exploited”, adds the expert. This is the case of the Calypso-1 parcel, where gas was discovered in 2018. Qatar…