ENI

ENI's Cyprus Strategy

Italy's Energy Giant in the Eastern Mediterranean

ENI is the most successful explorer in Cyprus waters, with three major gas discoveries in Block 6. The Italian major is now developing plans to commercialize these finds through a cluster development approach.

3
Major Discoveries
5
Blocks (current/past)
8-12
Tcf Resources
2028-30
Target First Gas

Block 6: The Crown Jewel

Block 6 is ENI's most valuable asset in Cyprus, containing three confirmed gas discoveries that together represent one of the largest undeveloped gas clusters in the Eastern Mediterranean.

Calypso

4-6 Tcf

Discovered 2018

First discovery in Block 6. Miocene carbonate reservoir similar to Egypt's Zohr.

Cronos

2.5 Tcf

Discovered 2022

Second major find. Confirms the petroleum system extends across Block 6.

Zeus

1-2 Tcf

Discovered 2022

Third discovery adding to cluster volumes. Still being appraised.

Combined Resources: Block 6 cluster contains an estimated 8-12 Tcf of recoverable gas, potentially worth $40-60 billion at current prices.

Development Options

FLNG Option

  • ✓ Independent export route to global markets
  • ✓ Premium LNG pricing vs pipeline gas
  • ✓ No dependence on third-party infrastructure
  • ✗ Higher CAPEX ($5-7B for FLNG vessel)
  • ✗ Longer construction timeline

Egypt Pipeline

  • ✓ Lower CAPEX (use existing Egypt LNG)
  • ✓ Faster time to first gas
  • ✓ Synergies with Aphrodite pipeline
  • ✗ Depends on Egypt spare capacity
  • ✗ Transit/tolling fees reduce netback

ENI is evaluating both options with a decision expected by 2025-2026. The choice will depend on Egypt capacity availability and long-term gas price outlook.

ENI in Cyprus: Timeline

2013 ENI awarded Block 2, 3, 9 in 2nd licensing round
2014 Awarded Block 6, 8 with KOGAS partnership
2017 Drilled Onesiphoros West-1 in Block 6
2018 Calypso discovery - major gas find in Block 6
2019 Block 8 relinquished after dry well
2022 Cronos discovery - 2.5 Tcf in Block 6
2022 Zeus discovery - additional volumes in Block 6
2023 Block 6 cluster development studies initiated
2024 FLNG vs Egypt pipeline option under evaluation

ENI's Other Cyprus Assets

Block Role Partners Status
Block 2 Operator (60%) KOGAS (20%), Total (20%) Exploration
Block 3 Operator (60%) KOGAS (20%), Total (20%) Exploration
Block 6 Operator (50%) Total (50%) Development
Block 8 Former - Relinquished
Block 9 Operator (60%) KOGAS (20%), Total (20%) Exploration

Key Takeaways

  • ENI is the most successful explorer in Cyprus with 3 discoveries from 4 wells
  • Block 6 cluster (8-12 Tcf) is the largest undeveloped gas resource in Cyprus
  • Development concept (FLNG vs Egypt) expected to be selected by 2025-2026
  • First gas from Block 6 targeted for 2028-2030
ENI Profile Calypso Field Block 6