Gas major Eni is assessing the existence of further prospects in Blocks 6 and 11 of Cyprus’ Exclusive Economic Zone as well as the commercialization prospect of Calypso gas field, as Luca Bertelli, the company’s Chief Exploration Officer said on Wednesday, speaking in Eastern Mediterranean Gas Conference in Nicosia.
Stressing the importance of the findings of Eni’s two exploration drillings in Onesiphoros and Calypso targets in Cyprus’s EEZ, which proved that the “Zohr play” extends in the North West of the field in the Cyprus’ EEZ, Bertelli said that in Calypso the company discovered good quality gas (99% methane) and good rocks, which are two important elements when considering the field’s commercial phase.
He said that Exxon Mobil’s expected drill in block 10 would be another test of the “Zohr like play.” At the same time, he said that Eni/Total consortium was assessing the existence of further prospects in Blocks 6 and 11 for a potential drilling.
Bertelli also pointed out that if Calypso discovery was positively appraised, the company would have to evolve options for commercialization. Analysing the options, Bertelli made it clear that the company was prioritizing the option of its existing liquefication plant in Egypt from where the gas could go to Europe and everywhere in the East Mediterranean.
“And this is the simple, faster, and logic way to monetarize the Eastern Mediterranean gas for export,” he said.
He added that the construction of new pipeline routes especially in Europe requires massive investment, political acceptance by various countries and more volume of gas to secure the long-term gas supply. He said that the big markets in the area that should be considered were Greece and Turkey.
Saying that there were prospects of Eastern Mediterranean to become a potential gas hub for Europe, he said however there should be realistic solutions.
“I think we need to go step by step, to be pragmatic, realistic. The area is geopolitically complex, we need to find simple solutions and more pragmatic solutions to monetarize these resources,” he said.
Last month, a drill ship contracted by Eni to explore offshore Cyprus, has left the area, after Turkish warships blocked its path to its target in Block 3 of Cyprus’ EEZ.
Referring to the opportunities in the region he expressed hopes for good results in Lebanon after the country’s first licencing round and said that exploration in deep water in Greece may eventually result in further surprises.
He finally said that energy can hopefully integrate and create peace for all the Eastern Mediterranean countries.