SHARE
The Saipem 1000. Image courtesy of Saipem.

Italy’s Eni and Korea Gas Corporation (Kogas) drilled dry Thursday at a well in offshore Cyprus.

The well, drilled by the Saipem 1000 in block 9, reached a total depth of 17,995 feet but failed to encounter any exploitable gas pay zones, the AFP said.

The consortium drilled dry at a different location in the same block in 2014.

The companies are contractually obligated to drill a third well at the block, Cyprus Gas News said.

Eni and KOGAS are examining data from both wells to determine a way forward, the Cyprus energy ministry said.

“Even though this is disappointing, it does not mean there are no hydrocarbons in Cyprus’s economic exploitation zone,” Cyrpus energy minister Yiorgos Lakkotrypis said.

France’s Total failed to find any hydrocarbons at its offshore Cyprus block in January but said it would move forward with further exploration efforts, the AFP said.

Eni holds an 80 percent stake in the block 9 and Kogas holds a 20 percent stake.