Calypso holds 6 to 8 tcf, ENI says

A natural gas field offshore Cyprus is believed to hold between six and eight trillion cubic feet, Italian energy firm ENI has said.

Speaking at an industry event in Cairo on Monday, CEO Claudio Descalzi said an appraisal well would have to be drilled to understand the real volumes of a recent discovery at Calypso 1, which was announced last week.

Asked whether it is believed to hold around 6 to 8 trillion cubic feet, Descalzi said: “It could be more or in that range… for sure it cannot be less but we have to understand it … It’s a good find that has merit to go ahead with additional investment.”

An analysis of data following a collection of fluids and rock samples revealed that Calypso “is a promising gas discovery and confirms the extension of the ‘Zohr-like’ play” into the Cypriot EEZ, ENI said in a company statement.

Zohr, a supergiant gas field discovered by ENI in 2015 in adjacent Egyptian waters, holds an estimated 30 trillion cubic feet (tcf) of resources in place.