Putin in shock as EU tilts to cut cash with new Cypriot gas in major breakthrough | Science | New

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Energy giants TotalEnergies and ENI have announced that they have made a huge gas discovery off the coast of Cyprus. The discovery at the Cronos-1 well in Block 6, 160 km off the coast of Cyprus, involved a well encountering a large column of gas in a carbonate reservoir. The companies say it is part of a successful effort to boost Europe’s gas supply, which comes as the EU struggles to wean itself off Russian energy.

Kevin McLachlan, Senior Vice President of Exploration at TotalEnergies, said in a statement: “This successful exploration well at Cronos-1 is another illustration of the impact of our exploration strategy which is focused on discovery of resources with low technical cost and low carbon emissions, to contribute to energy security, in particular to provide additional sources of gas supply to Europe.

It comes as Putin has cut gas supplies to the bloc, on which it still relies heavily (Russian gas accounted for 40% of total EU supplies last year).

And in an effort to sanction Russia for its invasion of Ukraine, the EU hopes to wean itself off Russian gas by following its REPowerEU energy strategy.

Part of the plan to cut Russia’s billions in funds as it continues to wreak havoc on its neighbors involves diversifying its sources of gas.

The discovery of Cypriot gas could then mark a huge victory for the bloc in the face of looming threats from Putin.

Putin continues to rake in billions of EU cash amid the Ukraine conflict, despite the bloc trying to batter the Russian economy and end the despot’s war efforts.

However, Putin has warned he will cut gas supplies to “hostile countries” that refuse to pay Russian supplies in roubles.

The president of the European Commission warned that this would undermine Western sanctions against Russian banks and urged members of the bloc not to give in to Putin’s demand.

Turkish President Recep Tayyip Erdogan struck a deal with Vladimir Putin to buy some Russian gas in rubles in August, dealing a blow to EU sanctions.

Mr. Erdogan has also refused to impose sanctions on Moscow for its invasion of Ukraine.

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