Eni

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ENI

Eni and TotalEnergies are swiftly developing natural gas deposits off Cyprus to supply Europe

Eni said Wednesday that drilling to appraise a third natural gas discovery in waters off Cyprus shows the commitment of the Italian energy company and its French partner TotalEnergies to swiftly develop the deposit and bolster energy supply to Europe.

ENI set to start drilling off Cyprus

The Transocean Barents floating drilling rig has set sail from Limassol and is en route to the Cronos gas field. It will conduct drilling operations on behalf of the Italian company ENI in the Cronos-2 area in Block 6 of the Cypriot exclusive economic zone (EEZ), approximately 160 kilometers southwest of Cyprus, according to a report from the Cyprus News Agency.

Eni profits slump on lower prices

Italian energy giant Eni said on Oct. 27 its net profit fell 67 percent to 1.91 billion euros in the third quarter of 2023, hit by falling oil and gas prices.

The figure was however higher than predicted by analysts surveyed by financial data firm FactSet, who had forecast a profit of 1.64 billion euros.

Adjusted net profit also fell, by 51 percent to 1.81 billion euros.

Positive outlook for Cyprus-Israel pipeline

Energy, Commerce, and Industry Minister George Papanastasiou expressed optimism regarding the construction of a pipeline between Cyprus and Israel after a meeting with Eni CEO Claudio Descalzi and President Nikos Christodoulides at the Presidential Palace on Tuesday. Papanastasiou anticipated a development plan for the fields in Block 6 of the Cypriot EEZ in the near future.

Nicosia at odds with Eni boss

The Cypriot government says it does not share views on East Med gas made by Eni boss Claudio Descalzi, who told Italian lawmakers an Eastern Mediterranean gas project cannot go forward without Turkey, with Nicosia begging to differ and pointing to other firms willing to take the risk.

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