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Eni/Total find natgas off Cyprus in field close to Zohr

February 12/2018

MOSCOW (MRC) -- Italys Eni and Frances Total have discovered a promising natural gas field off Cyprus, Eni said on Thursday, saying the find looked geologically similar to the mammoth Zohr field off Egypt, reported Reuters.

Further analysis was required to determine the range of gas volumes and define further exploration and appraisal operations, Eni said.

Calypso 1 is a promising gas discovery and confirms the extension of the Zohr like play in the Cyprus Exclusive Economic Zone (EEZ), Eni said in a statement.

The Italian oil and gas group reported the Zohr discovery in 2015. Located in the Egyptian offshore Shorouk block about 190 km north of Port Said, Zohr holds an estimated 30 trillion cubic feet of gas, the largest ever discovered in the Mediterranean.

We remind that, as MRC informed previously, in June 2016, ENI announced that it could not reach an agreement with the US private equity firm SK Capital to sell a majority stake in ENIs chemicals subsidiary Versalis (Milan) and had terminated the discussions.

ENI is an Italian multinational oil and gas company headquartered in Rome. It has operations in in 79 countries, and is currently Italy's largest industrial company with a market capitalization of EUR68 billion (USD 90 billion), as of August 14, 2013. The Italian government owns a 30.3% golden share in the company, 3.93% held through the state Treasury and 26.37% held through the Cassa depositi e prestiti. Another 39.40% of the shares are held by BNP Paribas.
Author:Margaret Volkova
Tags:PVC, gas processing, petrochemistry, Eni, Total Petrochemicals, Vestolit, Egypt.
Category:General News
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