Italian energy firm Eni to drill more for gas deposits off Cyprus coast

Eni has received drilling licenses in six areas, or blocks, south of Cyprus. (AP)
Updated 25 April 2018
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Italian energy firm Eni to drill more for gas deposits off Cyprus coast

NICOSIA, Cyprus: Eni will proceed with more exploratory drilling south of Cyprus over the next 20 months, affirming a “strong engagement and commitment” in a hydrocarbons search off the east Mediterranean island nation, the Italian company’s chief executive said Wednesday.
Claudio Descalzi said that Eni has already invested around €700 million in that search off Cyprus and will carry on exploration until more gas deposits are discovered.
“Clearly in 2018 and 2019 we are going to drill wells and make studies,” Descalzi said after talks with the Cypriot president. “There is a good cooperation and there is a good alliance...with the government and we share the same objectives.”
Eni has already discovered a gas deposit southwest of Cyprus. Descalzi said an appraisal well will need to be drilled to determine the deposit’s size.
He said Eni won’t stop its search for gas in the areas where it has received a license to drill, despite Turkey’s opposition to it.
Eni has received drilling licenses in six areas, or blocks, south of Cyprus. In three of those blocks, it has joined with South Korean company Kogas and in two it has partnered up with France’s Total.
In February, Turkish warships blocked a drillship from reaching a target southeast of Cyprus where Eni was scheduled to drill.
Turkey strongly opposes the gas search because it sees it as a “unilateral” action by the ethnically split island’s Greek Cypriots that ignores the rights of breakaway Turkish Cypriots to the island’s mineral wealth.
Cyprus was divided in 1974 when Turkey invaded after a coup by supporters of union with Greece.
The Cypriot government says the gas search is its sovereign right and that Turkish Cypriots will get their fair share of any potential proceeds after reunification.
Cyprus Energy Minister Yiorgos Lakkotrypis said ExxonMobil and partners Qatar Petroleum are due to carry out exploratory drilling in the second half of this year.
A deposit discovered by Texas-based Noble Energy in 2011 is estimated to contain more than 4 trillion cubic feet of gas.


Microsoft beats Wall Street targets on cloud services revenue

A Microsoft logo is seen in Los Angeles, California US, in this November 7, 2017 photo. (REUTERS)
Updated 20 July 2018
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Microsoft beats Wall Street targets on cloud services revenue

  • Revenue for the company’s LinkedIn business and job network grew 37 percent from the year-ago quarter, while its Dynamics 365 online business application suite posted a 61 percent increase
  • Net income rose to $8.87 billion, or $1.14 per share, from $8.07 billion, or $1.03 per share, in the year-ago fourth quarter

NEW YORK: Microsoft Corp. on Thursday posted quarterly profit and revenue that beat analysts’ estimates, as more businesses signed up for its Azure cloud computing services and Office 365 productivity suite.
The company’s flagship Azure cloud product recorded revenue growth of 89 percent in the fourth quarter ended June 30. Its shares rose nearly 4 percent in after-hours trading.
Much of Microsoft’s recent growth has been fueled by its cloud computing business, which has benefited from companies rushing to shift their workloads to the cloud to cut data storage and software costs.
“The combination of the cloud, which is a megatrend that’s going to last for years to come, and the execution, this is company that knows how to sell and be innovative — it’s hard to argue with anything here,” said Tom Taulli, InvestorPlace.com analyst.
Microsoft shares have risen 180 percent since Satya Nadella took over as chief executive in 2014, refocusing the company on cloud computing rather than PC software. Its market cap edged above $800 billion for the first time earlier this month.
Azure has a 16 percent share of the global cloud infrastructure market, making it the second-biggest provider of cloud services after Amazon.com Inc’s Amazon Web Services, according to April estimates by research firm Canalys.
Revenue at Microsoft’s productivity and business processes unit, which includes Office 365, rose 13.1 percent to $9.67 billion, topping analysts’ average expectation of $9.65 billion, according to Thomson Reuters I/B/E/S.
“This was another gem of a quarter from Microsoft as Nadella’s cloud vision is coming to fruit on the heels of massive Azure growth and secular tailwinds,” said Daniel Ives at research firm GBH Insights.
Revenue for the company’s LinkedIn business and job network grew 37 percent from the year-ago quarter, while its Dynamics 365 online business application suite posted a 61 percent increase.
The combination of those two services highlights Microsoft’s rise as an alternative to Salesforce.com Inc, which dominates the customer relationship management market, said Johnny Won, founder of Hyperstop, a tech consultancy firm.
“It seems like this is actually a formidable threat to Salesforce,” Won said.
Overall, the Redmond, Washington-based software maker’s revenue rose 17.5 percent to $30.09 billion, above expectations of $29.21 billion.
Net income rose to $8.87 billion, or $1.14 per share, from $8.07 billion, or $1.03 per share, in the year-ago fourth quarter. https://bit.ly/2uOF9W1
Excluding certain items, Microsoft earned $1.13 per share, while analysts had expected $1.08.