French energy giant Total signed on April 6 at the Presidential Palace in Nicosia the contract for the exploration and production sharing of Block 6 and Block 8 in Cyprus’ exclusive economic zone (EEZ), Cyprus Mail reported.
The company said it would be drilling in Block 6 inside 2018. Total and Italy’s ENI had won the concession for Block 6, while ENI alone was awarded block eight. Total and ENI have also joined forces in Block 11.
"Soon we will start drilling in Block 11, where we have a field called Onisiforos … we will start work in the first two weeks of July,” Eleanor Rowley, Total’s VP Exploration for North Africa and the Middle East said. "We are very excited that we will be active in this field with our partners from ENI,” she said. "We are looking forward to an especially intense exploration programme in the country inside 2017 and 2018.”
ENI VP for South Europe Carlo Vito Russo said the signing was an important event for Cyprus, the companies, and the entire Eastern Mediterranean region. The agreement would enable the companies to verify whether the Cypriot EEZ had the same possibilities of success as other countries in the region. "This is important for the development of Cyprus, the consortium partners, and the entire region,” Cyprus Mail quoted Russo as saying. He added that the company and its partners were ready to go ahead with drilling as soon as possible.
Cyprus’ Energy Minister Yiorgos Lakkotrypis said both companies possessed extensive expertise in the field of hydrocarbons, as well as experience in the Eastern Mediterranean. "By submitting ambitious applications in the third licensing round they have opted to further strengthen their presence in our EEZ and, consequently, in the wider region,” he said. "Of particular significance for the quality of their exploration programmes is the fact that they join forces in Block 6, a strategic move they have also made recently in Block 11.”
The total revenues for Cyprus from the signing of the contracts are at €103.5 million.
https://www.neweurope.eu/article/total-eni-ink-exploration-contracts-cyprus/
