Russia 'making more money' from their gas supplies says Erlanger
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Energy giants TotalEnergies and ENI reported making a huge gas discovery off the coast of Cyprus. The find at the Cronos-1 well in Block 6, 160km off the Cypriot coastline, involved a well encountering an important gas column in a carbonate reservoir. The companies say this is part of a successful effort to boost Europe’s gas supply, which comes as the EU scrambles to wean itself off Russian energy.
Kevin McLachlan the 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 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.”
It comes as Putin has been slashing gas deliveries to the bloc, on which it still heavily relies (Russian gas accounted for 40 percent of the EU’s total supplies last year).
And in a bid to sanction Russia for its Ukraine invasion, the EU is hoping to wean itself off Russian gas by following its REPowerEU energy strategy.
The blueprint to slash billions worth of funds from Russia as it continues to unleash havoc on its neighbours partly involves diversifying its gas sources.
The Cyprus gas find could then mark a huge win for the bloc in the face of looming threats from Putin.
Putin is still raking 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 warned that he would slash gas deliveries to “unfriendly countries” which refuse to pay for the Russian supplies on rubles.
EU Commission President warned this would undermine western sanctions on Russian banks, and urged members of the bloc not to cave to Putin’s demand.
Turkish President Recep Tayyip Erdogan struck an agreement with Vladimir Putin to purchase a portion of Russian gas in rubles back in August, dealing a blow to EU sanctions.
Mr Erdogan has also refused to slap any sanctions down on Moscow over its invasion of Ukraine.
He told reporters: “As Turkey, our door is open to everyone.
“One good thing about this Sochi visit is that we agreed on the ruble with Mr Putin.
“Since we will conduct this trade in rubles, it will of course bring money to Turkey and Russia.”
Turkey’s energy ministry announced last month that it would resume its gas exploration near Cyprus.
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