Sizeable new natural gas field discovered off the coast of Cyprus. Source: THE TIMES OF ISRAEL / AP

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Sizeable new natural gas field discovered off the coast of Cyprus

An offshore drilling rig is seen in the waters off Cyprus’ coastal city of Limassol, July 5, 2020. (AP Photo/Petros Karadjias)

A consortium made up of energy companies Eni of Italy and France’s Total is expediting plans to develop natural gas deposits off Cyprus following the discovery of a third field containing 2-3 trillion cubic feet of the hydrocarbon inside the same licensed exploration area, the Cypriot energy ministry says.

The ministry announces the discovery at the Zeus-1 well some 162 kilometers (100 miles) inside Block 6 off Cyprus southern coastline, at a depth of 2,300 meters (1.42 miles). The field, containing a 105-meter (344-foot) column of gas, is located just 5 kilometers (3 miles) west of the Cronos-1 well where the consortium announced in August an estimated 2.5 trillion cubic feet of natural gas.

The ministry says the newest discovery “reaffirms the promising potential of the area” as Cyprus looks to export the hydrocarbon amid an energy crisis compounded by Russia’s war in Ukraine.

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