Claudio Descalzi

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.

Eni could move ship off Cyprus but will not pull out of project, CEO says

Italian oil major Eni will probably move a drilling ship that has been blocked by the Turkish navy off Cyprus but will not pull out of its project in the country, the group's CEO said on Thursday.

"It should be going to Morocco," Chief Executive Claudio Descalzi said during a company event near Milan, when asked what the next location of the ship could be. [Reuters]

Italian ENI announces massive natgas deposit off Egyptian coast

Italian oil and gas multinational ENI announced on Sunday the discovery of a massive natural gas field off Egypt, which the company described as the “largest find in the Mediterranean”.

The deep water deposit in the Zahr lot in the Shorouk bloc could hold up to 30 trillion cubic feet of gas, equivalent to 5.5 billion barrels of oil.