Eni estimated the find held 2.5 trillion cubic feet of gas. It has begun studies on a fast-track development.
Total said the well had found net gas pay of more than 260 metres at the Cronos well. The companies found the gas pay in several good quality carbonate reservoir intervals, they said.
The companies drilled the Calypso-1 discovery on the same block in 2018.
“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” said Total senior vice president of exploration Kevin McLachlan.
The well is around 160 km southwest of the Cyprus coast.
The Tungsten Explorer drilled the Cronos-1 well. Owner Vantage Drilling has said the rig would drill two more wells in the Mediterranean Sea before moving on to West Africa, under a contract with Total.
Eni and Total are planning to drill another exploration well on Block 6. The French company said this would investigate the potential for “significant additional resource upside”. It will also help the companies evaluate the best development options, it said.
Eni is the operator with a 50% stake. Total has a 50% stake in Block 6.
Mention of a carbonate discovery at Cronos may prompt comparisons with Egypt’s Zohr field. Eni discovered this field in 2015, turning around Egypt’s gas fortunes.
The discovery follows similar success by ExxonMobil in March this year. The US company drilled the Glaucus-2 discovery.
Updated at 11:05 am with Eni resource estimate.