The top executive of ENI said Friday that the Italian oil and gas company will drill two exploratory wells off Cyprus over the next two months, expressing confidence that significant reserves can be found for possible export to Europe. "Cyprus is a natural bridge to Europe and Europe is importing more than 70 percent of its gas and gas consumption is growing." ENI has invested 450 million euros ($533 million) in exploratory drilling, seismic and geological surveys. Previous drilling had failed to locate sizeable gas deposits off Cyprus, but that hasn't disheartened companies licensed to drill in Cypriot waters. "You have to continue, and Cyprus is still a virgin area because we didn't drill a lot of wells, just 2-3 wells, so we're optimistic," said Descalzi.

Source: ABC News November 24, 2017 13:19 UTC