Tuesday, November 22, 2016

We are committed to be in Cyprus, says ENI Managing Director-General - FAMAGUSTA GAZETTE / CNA

Tuesday, 22 November, 2016

ENI believes there is a sense in investing in Cyprus and it is committed to be here especially at this particular period of time, ENI Cyprus LTD Managing Director Alessandro Barberis has said.

Speaking on Monday during a conference organised by the PRIO Cyprus Centre, in collaboration with the Atlantic Council, the Friedrich-Ebert-Stiftung in Cyprus and Istituto Affari Internazionali and Strata Insight, Barberis said that ENI has a strong presence in this region and especially its activities in Egypt date back to 1954.

He added that after the discovery of Zhor gas field off the coast of Egypt, the position in the country has been reinforced. The finding of Zhor, he pointed out, opened a completely new era that was unknown. Barberis said that the company struggled a lot to find partners in Zhor and ended up drilling it 100% alone, but the risk was well paid by the results, he pointed out.

Referring to the third licensing round for the fields in Cyprus` exclusive economic zone for which the company has placed its bid, Barberis said that there are expectations and that the next days are important as the selected bidders will be announced.

This is a challenging period and it is nice to be here, he added.

ENI Managing Director also underlined that they are curious to see how the third licensing round will go and how they will form their drilling campaign.``We don`t see another Zhor with 30tcf, but we see potential``, he concluded.