Cyprus has successfully completed negotiations with
the selected bidders for the licensing of blocks 6, 8 and 10 in its
Exclusive Economic Zone (ΕΕΖ), the Minister of Energy, Commerce,
Industry and Tourism Yiorgos Lakkotrypis has said.
The applicants selected are the consortium of ENI and Total for Block
6, Eni for Block 8 and the consortium of ExxonMobil and Qatar Petroleum
for Block 10, the Cyprus News Agency reports.
Speaking to the press following a meeting of the Cabinet, the
Minister said that on March 17, the Cabinet will discuss the proposals
regarding the contracts agreed with the selected companies and
consortia, so that they can be approved and "we can proceed with the
next stage which is the signing of the contracts.”
The Minister said that this is a very important development for
Cyprus and the Eastern Mediterranean in general because it reinforces
the prospect of hydrocarbons in the area, especially if one looks at the
research projects that have been proposed and agreed. He said that the
companies are quite optimistic as to the prospects of the Eastern
Mediterranean, and more specifically the Cyprus EEZ.
Invited to say when the first results from the drilling process can
be expected, he said that "we are discussing about various dates, some
within 2017, however we need to be cautious as everything depends on the
companies themselves and their targets.”
As regards block 11, Lakkotrypis that the Cabinet today approved
TOTAL`s application to assign 50% of its rights to ENI. He said that
this is a very important development because it strengthens the joint
venture in Block 11 of Cyprus` EEZ.
(www.goldnews.com.cy, March 08, 2017)