Cyprus & World News

Cyprus allows Total E&P offshore seismic tests for natgas

31 January, 2014

Cyprus has awarded a license to Total E&P Cyprus Ltd., the local subsidiary of the French energy giant, to conduct seismic tests for oil and gas exploration within its offshore territory.
Agriculture and Natural Resources Minister Nicos Kouyialis announced that he has awarded the license for block 10 within the Cyprus Excusive Economic Zone, as well as within “parts of blocks 6, 7 and 11.”
The license begins on February 1 and ends on May 1, with an option to renew.
Total already has exploration licenses for blocks 10 and 11, but has not yet started drilling.
Texas-based Noble Energy was the first to be licensed in 2007 and in 2011 found a prospective reserve of 5 to 8 trillion cubic feet (Tcf) in Block 12, adjacent to Israel’s EEZ. It has since entered into agreement with junior venture partners Delek and Avner of Israel to submit proposals to develop an LNG plant and terminal onshore Cyprus.
Total has also committed to joining the LNG plant, as has the Italian-South Korean consortium ENI/Kogas that has exploration licenses in other Cyprus gasfields.