Italian firm Eni is set to imminently announce the discovery of a sizeable natural gas deposit offshore Cyprus, MEES understands. But the question is whether the quantities – rumored at 6-8tcf, which would put it ahead of the 2011 Aphrodite discovery – will prove commercially viable.

In favor of the latest discovery, dubbed Calypso after the nymph who enchanted Odysseus, is its operator and location. Whilst almost 180km southwest of Cyprus and in 1,000ms water depth, it is a relatively modest 80km from the same company’s Egyptian 24tcf Zohr field, which entered production at the end of 2017 (MEES, 15 December 2017). Eni has regularly touted Zohr as a potential hub for East Med gas development. (CONTINUED - 1290 WORDS)