Eni, Total reportedly make major gas discovery offshore Cyprus

|By:, SA News Editor

Eni (E -1.3%) and Total (TOT -1.9%) reportedly have made a large gas discovery at their Calypso prospect offshore Cyprus, and the two companies could officially announce results as early as this very week.

Israeli news website Globes reports the discovery could contain 170B-230B cm of gas, which it believes - if proven true - could cause difficulties for the companies developing the Leviathan field offshore Israel, which include Noble Energy (NBL -1.7%).

Globes opines that energy giants such as Eni, which brought the giant Zohr field off Egypt up and running in a little more than two years after the initial discovery, and TOT might make Cyprus an important gas player in the region and a competitor to Israel.

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