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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
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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.

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Saudi Delegation to WEF Meets with Forum Founder and President

The Saudi delegation to the World Economic Forum (WEF) meets with the Forum's Founder and Executive Chairman, Professor Klaus Schwab, and President Borge Brende on Monday. (SPA)
The Saudi delegation to the World Economic Forum (WEF) meets with the Forum's Founder and Executive Chairman, Professor Klaus Schwab, and President Borge Brende on Monday. (SPA)
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Saudi Delegation to WEF Meets with Forum Founder and President

The Saudi delegation to the World Economic Forum (WEF) meets with the Forum's Founder and Executive Chairman, Professor Klaus Schwab, and President Borge Brende on Monday. (SPA)
The Saudi delegation to the World Economic Forum (WEF) meets with the Forum's Founder and Executive Chairman, Professor Klaus Schwab, and President Borge Brende on Monday. (SPA)

Saudi Arabia's delegation to the World Economic Forum (WEF) Annual Meeting 2025 held talks on Monday with the Forum's Founder and Executive Chairman, Professor Klaus Schwab, and President Borge Brende, on the first day of the global event in Davos.

Discussions focused on bolstering the existing cooperation between Saudi Arabia and the Forum while exploring key global economic developments of common interest.

Saudi Minister of Economy and Planning Faisal Alibrahim met on Monday with Chairman of HSBC Holdings, Mark Tucker, on the sidelines of the WEF.

The meeting focused on global financial developments and investment opportunities in Saudi Arabia.

He also me wet with Romania's Minister of Economy, Digitalization, Entrepreneurship, and Tourism, Bogdan Ivan to discuss means to boost Saudi-Romanian economic collaboration.

They exchanged views on global economic developments of mutual concern.

Alibrahim also held talks with Chair of the Berlin Global Dialogue Professor Lars-Hendrik Röller on multilateral international cooperation and global economic development.