NICOSIA, Cyprus (AP) — Eni's chief executive says the Italian company will proceed with more exploratory drilling south of Cyprus over the next 20 months, affirming a "strong engagement and commitment" in a hydrocarbons search off the east Mediterranean island nation.
Claudio Descalzi said after talks with the Cypriot president Wednesday that Eni has already invested around 700 million euros ($855 million) in that search off Cyprus and will carry on exploration until more gas deposits are discovered.
Eni has already discovered a gas deposit southwest of Cyprus. Descalzi said an appraisal well will need to be drilled at the target to determine the deposit's size.
Descalzi said Eni will "try, try, try again" to search for gas in the areas where it's licensed to drill, despite Turkey's opposition to it.