Eni denied on Thursday that it has been engaged in any discussion for the sale of shares in Cyprus, a company spokesperson told the Cyprus Mail after the government also denied claims that there were thoughts of the company selling shares.

“Eni denies being engaged in any discussion for the sale of shares in its assets held in Cyprus,” a company spokesperson said on Thursday.

President Nikos Christodoulides also refuted reports from Bloomberg on Wednesday that Eni intends to sell its rights in Cyprus’ exclusive economic zone (EEZ).

“We have spoken with Eni, and there is absolutely no intention to sell their rights in the EEZ of the Republic of Cyprus,” the president said when asked about the reports concerning Eni’s plans for hydrocarbon exploration and exploitation in Cyprus’ EEZ.

Italian oil giant Eni was rumoured to be considering divestment from specific projects. Citing unnamed sources, Bloomberg reported earlier in the week that Eni plans to divest over $4 billion in upstream assets, with Indonesia and Cyprus potentially targeted.

Energy Minister George Papanastasiou quickly assured that even if such divestment were planned, some fields in which Eni is a partner, like the Cronos find in block 6 of the Cypriot EEZ, have been “fast-tracked by the company.”

“Assets like Cronos are derisk and companies don’t usually sell them,” he told the Cyprus Mail. As a result, Eni’s Cronos field is unlikely to be at risk.

“Soon there will be a plan presented, and Eni is working on its recommendations for the development and exploitation of the field,” he said.

Back in April, Christodoulides met with Eni CEO Claudio Descalzi to review discoveries in Block 6 made in 2022 and the latest drilling in 2023.

During the meeting, Christodoulides and Descalzi discussed a shared fast-track approach that allowed the appraisal well to be drilled while evaluating multiple development scenarios.

At the time, government spokesman Konstantinos Letymbiotis stated that the two reviewed the discoveries made by Eni and its partner TotalEnergies of Cronos and Zeus, which led to the drilling of the Cronos 2 appraisal well in late 2023.

A production test in early 2024 “delivered excellent performances and increased volumes,” Letymbiotis said.

While the acquired data is still under study, the encouraging outcomes of the previous wells have been confirmed, he added.

“Highlights of the preferred solutions to efficiently meet domestic as well as regional and European energy priorities in the short and longer period have been outlined.”

Eni has been present in Cyprus since 2013. The company operates Blocks 2, 3, 6, 8 and 9, and has participating interests in Blocks 7 and 11.