Eni’s Calypso Cyprus discovery could be bigger than Zohr. Complex geology means more drilling is needed. But CEO Claudio Descalzi says at a minimum the field will be a Zohr tie-in, with a stand-alone Cyprus LNG project a real possibility. This would also boost development prospects for the 2011 Aphrodite discovery.

The Calypso gas discovery made by Eni last month on Block 6, 180km southwest of Cyprus could be even bigger than the firm’s 24tcf 2015 Zohr find offshore Egypt,...