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Cyprus extends ENI concession in 3 natural gas fields

Staff writer |
Cyprus is to extend Italian ENI energy giant's drilling concession in three prospective natural gas fields of it's exclusive economic zone for two more years, Energy Minister Yiorgos Lakkotrypis said.

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ENI had requested the extension to reevaluate new data before completing oil and gas exploration in blocks 2, 3 and 9 for which it has a license, said Lakkotrypis after a meeting of the Council of Ministers.

ENI had failed to discover any gas in two drillings in limestone layers but shortly after its last drilling announced the discovery of a natural gas field in Egyptian waters called Zohr, which contains an estimated 30 trillion cubic feet of gas.

"ENI-KOGAS consortium will have the time to reassess the energy potential which is now necessary following the developments in the Egyptian exclusive economic zone sparked by the Zohr discovery," Lakkotrypis added.

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