Gas prices rise to 339€/MWh, industry and consumer concerns rise, and it is in this scenario that TotalEnergies is moving.

TotalEnergies and the gas nearby Cyprus

TotalEnergies 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%).

Answers to the crisis include wind power

On August 23th, TotalEnergies and its partner SSE Renewables, has announced first power generation from the Seagreen offshore wind farm, 27km off the coast of Angus in Scotland. The first turbine, of a total of 114, was commissioned in the early hours of Monday morning. The aim is for the 1075 MW farm to be fully operational in the first half of 2023. The $4.3bn Seagreen project will be Scotland’s largest offshore wind farm and the world’s deepest fixed bottom wind farm as it is being developed in 59 meters of water depth. TotalEnergies entered into an agreement with SSE Renewables to acquire a 51% stake in the Seagreen project in June 2020. Seagreen has a capacity of 1075 megawatts (MW). When fully operational, the site will produce around 5 terawatt hours (TWh) of renewable electricity per year, enough to power the equivalent of 1.6 million households.

Highlights

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