Eni
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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.
Cyprus could produce first natural gas as soon as 2026, minister says
Cyprus could start producing its first natural gas as soon as 2026, and plans to participate in a high-powered electricity cable project linking the eastern Mediterranean to continental Europe, its energy minister told Reuters.
ENI discovers more gas off Cyprus
The drilling by Italian energy giant ENI in the Cronos-2 field in Block 6 of Cyprus' exclusive economic zone (EEZ) appears to have discovered another natural gas reservoir, with sources telling the Cyprus News Agency that gas flaring was successfully carried out on Thursday.
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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.
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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.
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Erdogan shifts the goalposts on Sweden’s NATO bid ahead of crucial summit
On the eve of the NATO summit in Vilnius it appears that Turkish President Erdogan is once again moving the goalposts when it comes to Sweden's NATO membership bid, attempting to put progress on Turkey's EU membership on the table as well.
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.
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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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Nicosia eyes Cypriot gas for local use
Cyprus' Energy Minister George Papanastasiou stated on Thursday that, during his discussions with consortiums operating in the Cypriot exclusive economic zone (EEZ), he suggested the option of importing natural gas quantities from the EEZ for power generation, in combination with LNG exports via a small LNG plant.
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Meloni eyes boost in energy ties with Algeria
Italian Premier Giorgia Meloni is looking to boost already strong energy ties with Algeria to further wean Italy off Russian energy, a focus of her two-day visit to the North African nation that started yesterday.
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