Eni and Korea Gas Corp have failed to find exploitable hydrocarbons off Cyrpus.
It is the second time the energy companies have been unsuccessful in what was being considered as a promising region.
Cyprus’s energy ministry said a consortium between the two had failed to find gas on their second round of drilling in the offshore block.
Yiorgos Kakkotrypis said:”Even though this is disappointing, it does not mean there are no hydrocarbons in Cyprus’s economic exploitation zone.”
The consortium also failed to discover exploitable reserves during drilling at another location within the same offshore block in 2014.
The data in both drills is now being assessed by Eni and Korea Gas Corp to assess which would be useful as they continue their research.
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