AP reports that the top executive of ENI said Friday that the Italian oil and gas company will drill two exploratory wells off Cyprus over the next two months, expressing confidence that significant reserves can be found for possible export to Europe.
ENI CEO Claudio Descalzi described Cyprus as a “natural bridge” linking existing and potential gas deposits in the eastern Mediterranean Sea with Europe, which is looking to diversify its energy sources amid increasing gas consumption.
“We believe in Cyprus,” Descalzi noted after talks with Cypriot President Nicos Anastasiades. “Cyprus is a natural bridge to Europe and Europe is importing more than 70 percent of its gas and gas consumption is growing.”
Gas consumption grew 5 percent in Europe last year and it will increase annually by 100 million cubic meters (3.5 billion cubic feet) each of the next two years, said Descalzi.
The first exploratory well will be drilled in partnership with France’s Total next month in an area off the island’s southwest. ENI and South Korea’s Kogas will commence drilling for the second well in January in the island’s southeast.
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Source: thenationalherald.com
