Eni, KOGAS Come Up Dry Offshore Cyprus

Italy-based Eni and Korea Gas Corp (KOGAS) came up dry in Cyprus’ waters for the second time in recent months. 

Nicosia said that the “disappointing” result does not change the prospects of Cyprus’ gas. Strong of recent positive developments, the government did not sound pessimistic. 

“Even though this is disappointing, it does not mean there are no hydrocarbons in Cyprus's economic exploitation zone," said energy minister Yiorgos Lakkotrypis, explaining that the consortium is now assessing the data collected in the two drills. 

Eni has an 80% interest in Blocks 2, 3 and 9 and KOGAS has a 20% interest. 

Earlier this month, Lakkotrypis said that Noble intends to declare that the Aphrodite offshore field is commercially viable. On the same occasion, he said that Total would continue exploration activities to better understand the potential of the area. 

Nonetheless, for the moment, the planned LNG terminal in Vassilikos might be off the agenda.