CEO of the Italian energy giant Eni sent Wednesday the message that the company would not give up its rights in block 3 of the Cyprus Exclusive Economic Zone (EEZ), by saying “I don’t leave my money there”.

Following a meeting with the President of the Republic of Cyprus and the Minister of Energy at the Presidential Palace, Claudio Descalzi said that the company has spent 700 million euros so far in Cyprus and stressed that they would try again until they succeeded. He was replying in a question regarding Block 3 of Cyprus EEZ, which Eni was prevented from approaching by Turkish navy  last February. Turkey argues it was safeguarding the rights of Turkish Cypriots, but it also has its own claims inside Cyprus’ EEZ.

“We will try and try again until somebody will be tired, but I don’t leave my money there”, Descalzi said commenting on the situation in block 3.
He also stressed that block 3, as well as blocks 9,2,8, and 11 are part of Eni’s activity in Cyprus and that in 2018-2019 they are going to drill wells and make studies in most of the blocks.

“I just want to remind that so far we have invested about 700 million euros in Cyprus. That means that there’s strong engagement and commitment towards the country. We have a lot of other activity to do and we are engaged and committed”, he said. He added that the company would now run environmental studies and so there’s a lot of activity.

As he said, during the meeting they discussed with Cyprus government about that and about the future. He also stressed that there’s good cooperation, alliance and joint venture with the government of Cyprus and that they were sharing the same objectives.

Asked about the discovery of the company in “Calypso” deposit of block’s 6 of Cyprus’ EEZ, he said that “Calypso was a good one”, pointing out that in order to better determine the quantity of the reserves, they were planning to drill an appraisal well.

Invited to comment on EastMed pipeline between Cyprus, Israel, Greece and Italy he said that the pipeline was a reality and a very important project. As he pointed out the energy found in Egypt, Israel, Cyprus and probably in Lebanon in the future was absolutely essential and crucial for Europe and for the development of the area. He also said that Cyprus, an EU member was at the heart of that area and at the heart of EU.
On his part, Energy Minister Yiorgos Lakkotrypis said that Eni is one of the most important partners of the Republic of Cyprus in its EEZ due to the blocks for which had license but was also an important partner in the Eastern Mediterranean in general because of its activities in Egypt and in Lebanon.

Referring to the meeting in the Presidential Palace he said that they had a very good discussion and that after it there was a much clearer picture both for the company and the government.

Asked about “Calypso” field, the Minister said that both the company and the government were doing their studies in order to have a better picture.

“I think we will be able to have a more complete picture in the next period,” he said, adding that an appraisal drilling would be needed.
In a question about a pipeline under consideration to transfer gas from Cyprus to Egypt and his forthcoming visit to the country, Lakkotrypis said there was ongoing discussion with his counterparts in Egypt and that the project was before the European Commission for its comments in accordance with European directives. He added that he would have some meetings in Egypt but the exact date has not been set yet.
Asked whether he would visit Egypt for the final stage of the deal he said “for this, but also for other issues that I have to discuss with my counterpart.”