Energy firm says Cyprus offshore gas could reach European markets through Egyptian facilities

IndustriesAssociated Press

The head of Italian energy producer Eni says gas found in waters off Cyprus could be transported to European markets through the company's processing facilities in Egypt.

CEO Claudio Descalzi said after talks with Cyprus President Nicos Anastasiades Thursday that there's an "opportunity" to process Cypriot gas at the company's Damietta facility in Egypt for export to Europe.

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Eni last month announced a discovery off the coast of Egypt that it called the "largest-ever" ever made in the Mediterranean Sea. The company is also licensed to search for gas in three areas off Cyprus.

Descalzi said Eni SpA is committed to continuing exploration off Cyprus after some unsuccessful drilling attempts this year.

Cyprus has one proven deposit that's estimated to contain more than 4 trillion cubic feet of gas.