TotalEnergies and ENI Make Major Gas Discovery Off Cyprus

The TotalEnergies logo sits on the company's headquarter skyscraper in the La Defense business district in Paris, France, March 24, 2022. REUTERS/Benoit Tessier/File Photo
The TotalEnergies logo sits on the company's headquarter skyscraper in the La Defense business district in Paris, France, March 24, 2022. REUTERS/Benoit Tessier/File Photo
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TotalEnergies and ENI Make Major Gas Discovery Off Cyprus

The TotalEnergies logo sits on the company's headquarter skyscraper in the La Defense business district in Paris, France, March 24, 2022. REUTERS/Benoit Tessier/File Photo
The TotalEnergies logo sits on the company's headquarter skyscraper in the La Defense business district in Paris, France, March 24, 2022. REUTERS/Benoit Tessier/File Photo

Energy companies TotalEnergies and ENI announced a significant gas discovery at the Cronos-1 well, in Block 6, offshore Cyprus.

Cronos-1 encountered several good quality carbonate reservoir intervals and confirmed overall net gas pay of more than 260 meters, said TotalEnergies in a statement.

TotalEnergies and ENI each have a 50% stake in Block 6.

"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," Reuters quoted Kevin McLachlan, Senior Vice President, Exploration at TotalEnergies, as saying.

Cyprus's offshore exploration program has faced strong objections from Türkiye. The island was divided after a 1974 Turkish invasion, with overlapping claims of jurisdiction extending from land to the sea since.



Foreign Start-ups Double in Saudi Market

Saudi Arabia’s LEAP conference becomes top magnet for tech start-ups
Saudi Arabia’s LEAP conference becomes top magnet for tech start-ups
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Foreign Start-ups Double in Saudi Market

Saudi Arabia’s LEAP conference becomes top magnet for tech start-ups
Saudi Arabia’s LEAP conference becomes top magnet for tech start-ups

The number of foreign start‑ups holding Saudi Arabia’s “Riyadi” entrepreneurship license has more than doubled to 550 by mid‑2025, up 118 % from the same period a year earlier, the Investment Ministry said.

The Riyadi permit lets overseas founders launch and scale technology and innovation‑focused companies in the kingdom. Officials say the surge reflects a government push to position Saudi Arabia as the Gulf’s start‑up hub by easing market entry and offering flexible regulation.

The General Authority for Small and Medium Enterprises (Monsha’at) has meanwhile issued 364 licenses for business incubators and accelerators, helping international entrepreneurs develop prototypes, find mentors and connect with investors.

Flagship tech gatherings such as Biban and LEAP in Riyadh – along with Saudi delegations to global events including Web Summit, VivaTech and Slush – have burnished the kingdom’s credentials as a magnet for venture capital and talent, the ministry said.

The momentum comes as Riyadh chases the economic‑diversification goals of its Vision 2030 plan. The government is targeting $100 billion a year in foreign direct investment (FDI) by 2030.

Overall investment licensing jumped 67.7 % last year. In the fourth quarter of 2024 alone, Saudi Arabia issued 4,615 licenses, up 59.9 % year on year.

Net FDI inflows moderated to 16.0 billion riyals ($4.27 billion) in the third quarter of 2024, 24 % lower than a year earlier but 37 % higher than the previous quarter’s 11.7 billion riyals ($3.12 billion), according to General Authority for Statistics data.

Saudi officials say the Riyadi license is integral to diversifying the economy, fostering innovation and embedding an entrepreneurial culture.