Flame has ignited above ENI’s latest “Saturn 2” drilling, indicating a successful new natural gas deposit discovery in Block 6 of the Cypriot Exclusive Economic Zone (EEZ), Kronos 2. Cypriot Minister of Energy, Trade and Industry Giorgos Papanastasiou suggests the deposit’s proximity to other deposits, both within and outside the Cypriot EEZ, may promote synergy for infrastructure within the EEZ. He added that the flaming φλόγα points to the presence of quality natural gas. This new κοίτασμα separate from others in Block 6 makes the well valuable, confirms Papanastasiou. The Minister of Energy stated that discussions with companies are underway for infrastructure creation preferably within the Cypriot EEZ. As Europe seeks new natural gas sources, increased quantities gain more attention, particularly towards Cyprus. Any proposed infrastructure may concern all fields to allow for quicker depreciation when deposits are connected, according to Papanastasiou. Exact details await the consortium’s recommendations following the γεώτρηση.
The EURUSD currency pair remains in a tight range above the 1.0900 support level on Monday as it struggles for direction. Investors seek fresh cues at the start of a busy data week, which may indicate how much the Federal Reserve will cut interest rates in September.
