Italy has been in the energy game for some time now and it has been making slow progress that just flew off radar of the global pundits in the energy sector. The Italian energy giant ENI has been making some amazing progress in the field of renewable energy on the global level.
Energy giant Eni yet again joins forces with France’s Total for a gas search license off the southern coast somewhere in Cyprus. The Italian energy multinational last year discovered energy block has a gas extension into the block discovered by Total. So, both the companies have signed a mutual agreement of drilling about 6 wells into the new block around the course of two years. However, according to Cyprus’ energy minister, Total already has a 20-40% share in four of Eni’s concessions inside Cyprus’ exclusive economic zone. Korean company Kogan also has a 20% share in three of the four concessions. With the recent signings, Eni and Total are now in hold of 7 out of 13 blocks available for exploration. Another block is managed by ExxonMobil and noble energy, Dutch shell and Israel based Israeli Delek each. Prior to the signings, Cypriot President Nicos Anastasiades assured the press and world that there is enough gas around Cyprus’ water resources for the future.
It will be interesting to see how the nation of Italy gets its energy sector in line and also decreases its dependence on the energy imports that are causing the Italian economy a huge fortune.