ENERGY: ENI Cyprus drill results to coincide with elections

 * ExxonMobil consortium to start exploration in 2H 2018 *

 

Italy’s ENI, partnered with French Total and Qatargas in two separate consortia in Cyprus offshore, is expected to secure environmental permits this week and proceed with exploratory drilling in blocks 3, 6 and 8, with initial results expected to be released towards the end of January, coincidentally election week.

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ENI’s CEO Claudio Descalzi said after a meeting at the Presidential Palace, that he was optimistic and that the company plans to drill in the “Calypso” target in block 6 that it shares with Total in December and will continue in January with the second drilling in a target called “Cuttlefish” in block 3.

Energy Minister Yiorgos Lakkotrypis said there will be four to five exploratory drillings in the Cyprus exclusive economic zone (EEZ) in the next twelve months. Two by ENI and another two by ExxonMobil in the second half of 2018. ENI is also expected to choose its targets in block 8.

ENI’s Descalzi reiterated the Italian giant’s confidence in the Cyprus gasfields, saying it has invested more than 450 million euros in Cyprus energy projects so far.

“Italy with Cyprus, Egypt and Greece are discussing this possible corridor and we are optimistic and for that reason we are present and we are investing a lot,” he said.

Its drillship, the Saipem 1200, is presently anchored in the CanaryIsland’s Las Palmas and should be headed here soon.

ENI already operates liquefaction plants in Egypt’s Idku and Damietta, where it would prefer to transport natural gas found from Cyprus gasfields and from the giant Zohr field within Egyptian waters.

Meanwhile, the ExxonMobil-Qatar Petroleum consortium is about to complete the election of subcontractors and support services for exploratory drilling in block 10, with two drills within the second half of 2018.