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.


Bahrain’s Mumtalakat starts marketing dollar sukuk

Updated 16 min 36 sec ago
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Bahrain’s Mumtalakat starts marketing dollar sukuk

  • Several international banks will handle the transaction
  • The bond is expected to be at least $500 million

DUBAI: Bahrain’s sovereign wealth fund Mumtalakat started marketing its planned five-year US dollar Islamic bonds, or sukuk, with an initial yield guidance of around 6.25 percent, a document issued by one of the banks leading the deal showed.
The sukuk, which is expected to price later on Wednesday, will be of benchmark size, which generally means upwards of $500 million.
BNP Paribas, Citi, HSBC, National Bank of Bahrain and Standard Chartered Bank have been hired to arrange the transaction.