Thursday, August 10, 2017

ENI set to start hydrocarbon exploration in November - IN CYPRUS / CYPRUS WEEKLY

August 10, 2017

Italian energy giant ENI is expected to start three hydrocarbon exploratory wells in blocks three, six and eight in Cyprus’ Exclusive Economic Zone (EEZ) on November 1.

The well in block 6 is a joint venture with French energy concern TOTAL and is in an area hotly contested by Turkey.

In July, Turkey sent its exploratory vessel Barbaros to block six to conduct seismic tests.

Turkey claims half of block six and continues to deny that it (block 6) is under the sovereignty of the Cyprus Republic, arguing that Cyprus does not have its own EEZ.

The plans were revealed when ENI submitted applications for the necessary licences from state services while its 600-page environmental impact study is expected to be submitted in September.

Our View: Cypriot EEZ is EU EEZ. Cypriot resources are EU resources. Cypriot & Greek EEZ meet and allow for a pipeline to be laid without having to seek anyone's permission, for a 100% EU pipeline with potentially 100% EU flows, a huge contribution to EU's energy security. Cyprus is the modern David. As entertaining as the show continues to be, Goliath needs to stop embarrassing himself.