Eni Cyprus Discovery: ‘Good-Good-Good, Or Just Good’?

Eni’s Calypso Cyprus discovery could be bigger than Zohr. Complex geology means more drilling is needed. But CEO Claudio Descalzi says at a minimum the field will be a Zohr tie-in, with a stand-alone Cyprus LNG project a real possibility. This would also boost development prospects for the 2011 Aphrodite discovery.

The Calypso gas discovery made by Eni last month on Block 6, 180km southwest of Cyprus could be even bigger than the firm’s 24tcf 2015 Zohr find offshore Egypt, informed sources tell MEES.

Eni CEO Claudio Descalzi officially urges caution. With only one well so far, further appraisal drilling is needed to fully determine the size of the discovery, he says. But, when quizzed by MEES on initial reports of a 6-8tcf find ( MEES, 2 February ), he says “it could be more… for sure it cannot be less.”

COMPLEX GEOLOGY

Part of Mr Descalzi’s caution is down to Calypso geology being more complex than that of Zohr.


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