21746 - Eni and Total at the Cypriot EEZ

E. Conophagos, N. Lygeros, A. Foskolos
Translated from the Greek by Athena Kehagias

Whatever has been previously said in regards to the companies Eni and Total at the Cypriot EEZ, should be updated with the new data which were created by the discovery of the Zohr hypergigantic reserve.
Indeed, this is regarding a huge phase change, which is even explained by the geological maps of the Cypriot EEZ.
With the change of model in regards to the drillings, new strategic targets appeared, which caused an intense interest in oil companies based already there, such as Eni and Total of the existing concession round.
In actual fact the interest is so great, that now, we are finally talking about conducting a third lisencing round.
Also everyone realizes now that within the Cypriot EEZ as well, we can locate reserves in the magnitude of Zohr, at least three, a factor which creates new prospects.
And because Eni and Total are already there, in actual fact they’re acting as an attractant for other oil companies which now view things with a completely different glance.
Therefore we can understand that a technical discovery had its consequences on the scientific model, and in the locating reserves strategy and their size, towards the economic approach which finally follows the mental schemes of the geology of the region.
So those who were saying that all will depart from the Cypriot EEZ, must now swallow the tongue and wait for new developments.
Another important issue is that the Cypriot workers of Eni, have a secure future and they should certainly invest in it, if they are watching at, or learning of, these important news.
It is therefore a duty, even though the governments of Greece and Cyprus are delaying in making strategic decisions, to pressure them in order to view the future in practical terms .