Sonia Gorodeisky
Claudio Descalzi, CEO of Italian energy giant Eni, announced yesterday that the new gas reservoir discovered by Eni and French energy company Total off the coast of Cyprus could contain more than 230 BCM of gas, and contains not less than 170 BCM. Speaking at a press conference in Cairo, he said that the geological structure of the Calypso field was similar to that of the Egyptian Zohr field, which Eni developed.
Descalzi added that the region could become a natural gas power if everyone pooled their resources. "The new reservoir may be connected to Zohr, depending on its dimensions," he said. Assuming that it is not substantially larger than 230 BCM, the newly discovered reservoir is medium-sized by Israeli standards, between the size of the Karish and Tanin reservoirs and that of Tamar.
The reservoir was discovered in Block 6 Offshore Cyprus with Calypso 1 NFW, 80 kilometers south of the Cypriot coast. The rights to drill the block are owned in equal shares by Eni and Total. The fact that Calypso's geological structure is similar to that of Zohr could lead to further successful drillings, thanks to more focused exploration.
Eni has been present in Cyprus since 2013 and has interests in six licenses located in the EEZ of Cyprus (in Blocks 2, 3, 6, 8, 9 and 11), five of which are operated. Eni and Total will not need to raise capital to develop Calypso, which will shorten the process considerably.
