Mar 8, 2017

3rd Licensing round negotiations completed

Cyprus has successfully completed negotiations in regards to the third licensing round, assigning the following companies to research blocks in the island’s Exclusive Economic Zone (ΕΕΖ):

  • ENI-KOGAS: Blocks 2,3,9
  • ENI: Block 8
  • ENI-TOTAL: Blocks 6 and 11
  • EXXON-MOBIL-Qatar Petroleum: Block 10
  • Shell-Noble-Delek: Block 12

According to the Minister of Energy, Commerce, Industry and Tourism, Mr. Yiorgos Lakkotrypis, the latest developments have created a dynamic for a liquefaction centre, since Qatar Petroleum is one of the companies taking part in research in block 10.

As regards block 11, Lakkotrypis said the Cabinet on Tuesday approved TOTAL’s application to grant 50 per cent of its rights to ENI, a very important development because it strengthened the joint venture in Block 11.

The Minister added that the quantity of hydrocarbons – which will be discovered – is set to judge the final outcomes of the exploration procedure.  He noted that the government should be ready for all eventualities, including a floating terminal, a pipeline with Egypt, and the EastMed pipeline.

The Energy Minister also noted that on March 17 confirmation is expected to be given by the Cabinet to sign the contracts with the companies. 

 



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