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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 Minister of Finance Approves 2025 Annual Borrowing Plan

A night view of Riyadh, Saudi Arabia. (SPA)
A night view of Riyadh, Saudi Arabia. (SPA)
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Saudi Minister of Finance Approves 2025 Annual Borrowing Plan

A night view of Riyadh, Saudi Arabia. (SPA)
A night view of Riyadh, Saudi Arabia. (SPA)

Saudi Minister of Finance Mohammed Abdullah Al-Jadaan approved on Sunday the Annual Borrowing Plan for the fiscal year 2025, following its endorsement by the Board of Directors of the National Debt Management Center.

The plan highlights key developments in public debt for 2024, initiatives related to local debt markets, and the funding plan and its guiding principles for 2025, in addition to the 2025 issuances’ calendar for the Local Saudi Sukuk Issuance Program in Saudi Riyal.

According to the plan, the projected funding needs for 2025 are estimated at approximately SAR139 billion. The amount is intended to cover the anticipated budget deficit of SAR101 billion for the fiscal year 2025, as outlined in the Ministry of Finance’s Official Budget Statement, and the principals’ repayment of the debts maturing in the current year, 2025, amounting to approximately SAR38 billion.

To boost the sustainability of the Kingdom's access to various debt markets and broaden the investor base, Saudi Arabia aims in 2025 to continue diversifying local and international financing channels to efficiently meet funding needs.

This will be achieved through the issuance of sovereign debt instruments at fair pricing, guided by well-defined and robust risk management frameworks.

Additionally, the Kingdom plans to benefit from market opportunities by executing private transactions that can promote economic growth, such as export credit agency financing, infrastructure development project financing, capital expenditure (CAPEX) financing, and exploring tapping into new markets and currencies based on market conditions.