Cyprus Disappoints

A highly-anticipated deepwater well drilled by Italy’s Eni offshore Cyprus did “not yield exploitable quantities of hydrocarbons,” Cypriot energy minister Giorgos Lakkotrypis says.

However the firm is pressing on with exploration and plans to spud a second well on Block 9 are imminent, MEES understands.

Eni is contracted to drill a minimum of two exploration wells (and two further appraisal wells should any discovery be made) across its three...