Cyprus says Eni, Total find ‘extensive strain’ of offshore gas

A consortium of Italy’s Eni and France’s Total has discovered an extensive strain of natural gas southwest of Cyprus. (Reuters)
Updated 08 February 2018
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Cyprus says Eni, Total find ‘extensive strain’ of offshore gas

ATHENS: A consortium of Italy’s Eni and France’s Total has discovered an extensive strain of natural gas southwest of Cyprus, Energy Minister Yiorgos Lakkotrypis said on Thursday.
“An extensive column of clean natural gas was discovered in various geographical formations,” Lakkotrypis told journalists.
Further analysis of data compiled from the Calypso well will be required to assess the quantity but the geology is similar to that of Egypt’s mammoth Zohr offshore field, he said.
“This is a particularly positive development because it is the second substantive discovery in the Cypriot EEZ (exclusive economic zone), which increases the reserves of Cyprus in natural gas,” Lakkotrypis said.
Calypso lies in block 6 of Cyprus’s offshore EEZ about 80 km from Zohr.
Discovered by Eni in 2015, Zohr contains an estimated 30 trillion cubic feet (tcf) of gas and is the largest gas find in the Mediterranean.
Cyprus made its first offshore discovery in 2011 with the Aphrodite field, which lies southeast of Cyprus and is thought to contain around 5 tcf of gas.


Saudi minister Al-Falih says Aramco IPO likely in 2019

Updated 25 May 2018
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Saudi minister Al-Falih says Aramco IPO likely in 2019

  • Energy Minister Khalid Al-Falih: “We are ready, the company (Saudi Aramco) essentially has ticked all the boxes. We’re simply waiting for a market readiness for the IPO.”
  • Khalid Al-Falih: “Most likely it will be in 2019 but we will not know until the announcement has been made. All I could say is stay tuned.”

RIYADH: Saudi Arabia is most likely to hold the initial public offering (IPO) of oil giant Aramco in 2019, Energy Minister Khalid Al-Falih said on Friday, confirming a delay from the initial plan to list the company this year.

“The timing I think will depend on the readiness of the market, rather than the readiness of the company or the readiness of Saudi Arabia,” Khalid Al-Falih, who’s also the company’s chairman, said at the St. Petersburg International Economic Forum in Russia on Friday.

“We are ready, the company essentially has ticked all the boxes,” he said. “We’re simply waiting for a market readiness for the IPO.”

For almost two years, Saudi officials said the IPO was “on track, on time” for the second half of 2018. But for the first time in March they suggested it could be delayed until 2019.

“Most likely it will be in 2019 but we will not know until the announcement has been made,” Al-Falih said. “All I could say is stay tuned.”

The Aramco IPO would be a once-in-a-generation event for financial markets. Saudi officials said they hope to raise a record $100 billion by selling a 5 percent stake, valuing the company at more than $2 trillion and dwarfing the $25 billion raised by Chinese retailer Alibaba Group Holding Ltd. in 2014.