ENI-KoGas asked to re-evaluate model after second failed drilling

SAIPEM 10000 1

Energy minister Yiorgos Lakkotrypis said that Italian and South Korean consortium ENI-KoGas wants two years to re-evaluate geological model after it failed to find exploitable hydrocarbons in Block 9 of Cyprus’s exclusive economic zone.

Lakkotrypis who was talking to reporters said that the ministry is to decide whether this request is reasonable.

The consortium, which also failed three months to locate hydrocarbons when it carried outs its first drilling in Onasagoras field, “is concluding in these days its second exploratory drilling in Block 9 of Cyprus’s exclusive economic zone,” the energy ministry said earlier in a statement on the press and information office’s website today. “The drilling conducted by drilling rig SAIPEM 10000 reached the predicted depth of 5,485 meters without locating an exploitable concentration of hydrocarbons”.

ENI-KoGas requested to re-evaluate its geological model based on geological data collected from both drillings, as the findings could help further its exploration program, the ministry said. “The consortium’s request is reviewed today by the ministry and in cooperation with its advisors”.

Lakkotrypis ruled out that the consortium could ask to explore other areas in Cyprus’s offshore territory and added that ENI-KoGas “submitted concrete proposals which we are currently evaluating,”

“Because hundreds of millions were spent they must definitely review the targets which they want to drill,” he said in reference to the consortium’s request to revaluate the geological model.

Based on the evaluation ahead of the drilling, ENI-KoGas identified four drillable targets, the minister said adding that “they were not the only targets. These four were approved as drillable. A reevaluation is likely to indicate other targets which had not been approved for the drilling”.

The failure in Amathusa “does not mean we have no hydrocarbons,” energy minister Lakkotrypis said. “There are questions of geological nature which will have to be answered. The more geological data are collected, the clearer the picture we have and the smaller the risk becomes for future drillings”.

One of the questions that begs answering is from where the material came which produced hydrocarbons millions of years ago, he said adding that “we are almost sure on this that it was the Nile Delta and the most important (question) is where they ended and where the hydrocarbons are located”.

Source: Cyprus Mail