Bud's Offshore Energy (BOE)

Eni announces another deepwater gas discovery:

• Offshore Cyprus
• Cronos-1 well; Block 6 on map
• 2287m water depth
• >2.5 tcf

The challenge is getting the 100+ trillion cubic feet of gas to European markets. The East Med Poseidon Gas Pipeline (map below) makes the most sense, but the current US administration inexplicably opposes this project. Other options include LNG via Egypt, a pipeline to Turkey, and a floating LNG facility.