Total and Eni hit Cyprus dud

Cyprus

NICOSIA, September 13, 2017 – The Onisforos West-1 well in Block 11 offshore Cyprus struck only non-commercial quantities of gas, the country’s energy minister, Yiorgos Lakkotrypis, told reporters on Tuesday.

The field, which lies close to Egypt’s massive Zohr offshore gas development, contains up to 14.2 bcm (500 bcf) of gas, Lakkotrypis said, cited by the AP. Nevertheless, geological similarities to the Egyptian discovery meant that more gas could be found nearby, he added.

“We’re not disappointed with this drilling,” Lakkotrypis said. “It leaves us optimistic for the future.”

Total, the operator of Block 11, is expected to announce in the next 30 days whether it will continue with drilling in the area. Earlier, the super-major had estimated the well’s chance of success at 26%.

The other stakeholder in the block is Italy’s Eni, which farmed into it and acquired a 50% participating interest in March. The two majors are also partners in Block 6 offshore Cyprus.

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