Eni-Kogas has been drilling in the Amathousa field after finding nothing in the Onasagoras well late last year.
In an official announcement the minister said that after drilling to a depth of 5485 metres with the Saipem 10000 rig, the consortium had “not identified exploitable hydrocarbons”.
The announcement added that, the based on geological data collected from the two wells, the Eni-Kogas consortium has submitted a request to proceed with the re-evaluation of the geological model, the results of which believes it will be very helpful for the continuation of its research programme.
This consortium’s request will be carefully examined by the Ministry in cooperation with its advisers.
Success rates for offshore drilling globally are around 20% according to industry experts.