News Energy All the truth about ENI/KOGAS "Amathousa" field

All the truth about ENI/KOGAS "Amathousa" field

Minister of Energy, Commerce, Industry and Tourism Mr Yiorgos Lakkotrypis will be holding a meeting this afternoon to inform the government, the political parties and the people about the ambiguous results of the second drilling exploration of ENI / KOGAS to "Amathusa," the ninth plot of the EEZ of the Republic.

According to official reports, the results are below Nicosia’s expectations. One the one hand, it has to be admitted that they are not as insignificant as in “Onasagoras” field, but on the other one, there are still not clear indications about the existence of commercially exploitable hydrocarbon deposits.

Drilling at the quite promising deposit of "Amathousa has shown positive signs of exploitability. However, these are so vague, that do not allow a big amount of optimism, either because the hydrocarbon concentration is poor, or because the potential deposit has rather small size.

Considering the last developments, the possibility of EMI’s withdrawal is open.

The drilling of Italian- Korean consortium completed on Monday. The Cypriot Government was immediately alerted about the disappointing results, a fact that gave birth to a further frustration, since the expectations about the deposit were extremely high.

Regarding “Simerini” reports, what follows the two unsuccessful drilling consortium is a reevaluation of ENI/KOGAS unsuccessful geophysical model. It is also said that ENI will withdraw its platform and drilling rig from the Cypriot EEZ at least for the next three months due to maintenance purposes.

We should also recall that the estimation about Amathusa’s natural gas wealth has been already stated by the former Director of the Energy Service, Solon Kasinis, who spoke on the basis of his own long-standing studies.

President Anastasiades: “No frustration springing from ENI / KOGAS drilling issue”

We must not be disappointed by the results of drilling of ENI Company, President Anastasiades said while exiting the session of the Council of the Ministers.

When asked on how he was feeling about the results of ENI’s company drilling, he responded that he could not find any negative connotations, noting that "there are similar cases in Norway, where three permissions were unsuccessful, whilst the fourth had eventually positive signs for a deposit."

When President was asked if there would be any changes in Government’s formation, he replied "nothing does change."

Finally, President Anastasiades has avoided answering whether an extension is to be given to EMI. He characteristically added: “We need to be very careful. The certain case is severe enough.”


Source: Sigmalive