A major gas discovery in the Mediterranean... and this country will benefit from it

French energy companies Total Energies and Italy's Eni announced a major gas discovery in the "Kronos-1" well off the coast of Cyprus.

Total Energy said in a statement today that it had discovered good quality carbon deposits in "Kronos-1", in Block No. 6.

Total Energy and Eni hold the stake equally.

Kevin McLoughlin, Senior Vice President of Exploration at Total Energy , said that the successful discovery of the "Kronos-1" well enhances energy security, by providing additional sources of gas in Europe .   

Total's net profit tripled on an annual basis in the second quarter of this year, to record $9.8 billion, compared to $3.46 billion a year ago, according to the company's announcement at the end of last July.

Since the outbreak of  the Ukrainian crisis  in February of this year, energy sector companies around the world have benefited strongly from the high prices in the markets.

The Italian "Eni" group had recorded a remarkable growth in net profits in the second quarter of this year, amounting to 3.81 billion euros (3.81 billion dollars), an improvement of 2.9 billion dollars compared to the second quarter of last year.

Source: skynews