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7 December 2017

Energy giant ENI schedules natural gas drills in Cyprus’s exclusive economic zone. 

After a meeting with the president of Cyprus, Energy Minister Giorgos Lakkotrypis and ENI CEO Claudio Descalzi, announced ENI’s imminent plans for natural gas exploration in Cyprus’s Exclusive Economic Zone (EEZ).

The first drill will take place in December in field Kalypso (block six), followed by a one in field Cuttlefish (block three) in January.

ENI CEO Claudio Descalzi said: “We have agreed on the drilling only nine months after licensing and this is record time,” and when asked if he is optimistic, he replied that his company was investing €150m which meant it believed in the prospect and the geology of Cyprus. “We are optimistic, we are present, and we are investing a lot,” he added.

Meanwhile, TOTAL and ENI have also started preparations for drilling the Block “Onisiforou” “11” of the Cyprus EEZ.

Announced officially in foreign exchanges «West Capella» is under contract for a period of 50 days, the drilling will take place on the edge of the Cypriot EEZ with that of Egypt less than 15 kilometers from where ENI completed the 8th drilling of Egyptian block “Zohr”.

The latest drilling goes deeper than previous ones, apparently in search of condensed hydrocarbons and possibly oil.

The next steps in the construction of the East Med gas pipeline are being discussed since Tuesday 5th of December 2017, at a four-day meeting of Energy Ministers of Cyprus, Greece, Israel and Italy in Nicosia, in the presence of the European Union. Their agenda includes the signing of the Memorandum of Understanding, which informally informs the States involved to work together to promote their co-operation.

European Union’s financial support for the construction of the pipeline, demonstrates its importance in the Eastern Mediterranean gas fields.

Greek Energy Minister Giorgos Stathakis pointed out that the East Med pipeline is the most competitive option for the transportation of natural gas from the Eastern Mediterranean to the European markets. “According to the specific studies, the planned pipeline capacity is 10 billion cubic meters of natural gas per year, with the potential to reach 16 billion cubic meters. The resources that have been discovered in the region, as well as future research into news, advocate EastMed as a priority, “he said.

 

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