Even though so far no official decision has been made by the company to leave the region, where it has remained for the past 12 days, waiting in vain for Turkey to lift its sea blockade, ENI is more than certain to announce its departure from the area within the next few days and scrap its plans to drill in the area.
The cost of the Saipem 12000 staying in the Cypriot EEZ without drilling is estimated at 300,000 euros per day, which is considered prohibitive for the company. According to information by third sources, it appears that ENI cannot justify the cancelation of its planned drilling in Morocco on 8 March. However, we have also been told that ENI may decide to postpone the drilling in Moroco to a later date and move its drilling ship into the "more governmental friendly" waters of Portugal. We just have to wait and see.
In the meanwhile, Cypriot President Anastasiades will be chairing a meeting in a short while in an effort to examine the options available and the possible next steps in light of Turkey’s stand-off, especially following the renewal of the Navtex. So far the luckewarm and indifferent reactions by the international community on Turkey’s provocative stance in the area has left Nicosia frustrated.