• 5 minutes 'No - Deal Brexit' vs 'Operation Fear' Globalist Pushback ... Impact to World Economies and Oil
  • 8 minutes China has *Already* Lost the Trade War. Meantime, the U.S. Might Sanction China’s Largest Oil Company
  • 12 minutes Will Uncle Sam Step Up and Cut Production
  • 14 hours OPEC will consider all options. What options do they have ?
  • 8 hours Danish Royal Palace ‘Surprised’ By Trump Canceling Trip
  • 12 hours Trump vs. Xi Trade Battle, Running Commentary from Conservative Tree House
  • 3 hours What to tell my students
  • 3 hours Not The Onion: Vivienne Westwood Says Greta Thunberg Should Run the World
  • 11 hours NATGAS, LNG, Technology, benefits etc , cleaner global energy fuel
  • 8 hours A legitimate Request: France Wants Progress In Ukraine Before Russia Returns To G7
  • 22 hours Recession Jitters Are Rising. Is There Reason To Worry?
  • 18 hours With Global Warming Greenland is Prime Real Estate
  • 16 hours China Threatens to Withhold Rare Earth Metals
  • 1 day TRUMP'S FORMER 'CHRISTIAN LIAISON' SAYS DEEPWATER HORIZON DISASTER WAS GOD'S PUNISHMENT FOR OBAMA ISRAEL DIVISION
  • 1 day Maybe 8 to 10 "good" years left in oil industry * UAE model for Economic Deversification * Others spent oil billions on funding terrorism, wars, suppressing dissidents, building nukes * Too late now
  • 1 day CLIMATE PANIC! ELEVENTY!!! "250,000 people die a year due to the climate crisis"
Investors Are Ditching High-Yield Shale Bonds

Investors Are Ditching High-Yield Shale Bonds

Investors in high-yield shale bonds…

Eni, Total Make Promising Gas Discovery Offshore Cyprus

offshore rig

Supermajors Eni and Total have made a promising gas discovery offshore Cyprus that confirms that the Zohr-like play where Eni found the biggest gas deposit in the Mediterranean offshore Egypt extends into the Cyprus Exclusive Economic Zone, the Italian group said on Thursday.

Eni has made a lean gas discovery in Block 6 offshore Cyprus, encountering an extended gas column with “excellent reservoir characteristics.”

The discovery, named Calypso 1, will need additional studies to assess the range of the gas volumes in place and define further exploration and appraisal operations, Eni said in its statement.

Eni is the operator of Block 6 with a 50-percent interest, while Total is a partner and holds the other 50 percent.

“Cyprus is moving forward with its exploration program and quest to become a #NatGas producer,” Georgios Lakkotrypis, Minister of Energy, Commerce, Industry & Tourism of Cyprus, said after Eni’s announcement today.

Cyprus has boosted efforts to award drilling licenses in its waters, hoping that the geology of the giant Zohr discovery extends into Cyprus’s exclusive economic zone. Calypso 1 lies about 80 kilometers (50 miles) from Zohr, and according to Eni, the “Zohr-like” play indeed extends into Cypriot waters.

Related: India To Boost Oil Refining Capacity By 77%

In August 2015, the Italian group said that it had discovered the biggest ever natural gas field in the Mediterranean—Zohr offshore Egypt—that could hold a potential of 30 trillion cubic feet of lean gas in place.

It was the Zohr discovery that triggered Cyprus’s third licensing round in its quest to find more gas in its waters.

“This is a particularly positive development because it is the second substantive discovery in the Cypriot EEZ (exclusive economic zone), which increases the reserves of Cyprus in natural gas,” Reuters quoted minister Lakkotrypis as saying today.

The first gas discovery offshore Cyprus—the Aphrodite field—was made in 2011.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment
  • Bill Simpson on February 09 2018 said:
    The Europeans should develop it as fast as possible to reduce dependence from Russian gas.

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News
Download on the App Store Get it on Google Play