Abroad   Natural Gas

3/9/2017

Negotiations in Uespect of 3. Round of Licensing of Southern Cyprus Natural Gas Sites Concluded

An agreement is reported to have been reached upon with Eni and Total Consortium for Block 6, and with Eni for Block 8 and with ExxonMobil and Qatar Petroleum for Block 8 pertaining to natural gas sites in the territorial waters of Southern Cyprus

The 3. round of negotiations for licensing the natural gas sites contained in the territorial waters of Southern Cyprus have been finalized. The South Cyprus Council is reported due to approve the Agreement on the 17th of March 1017.

Yiorgos Lakkotrypis, the Minister of Energy of Southern Cyprus announced that the negotiations initiated with the companies selected on the 3. round of licensing tenders for oil and natural gas exploration existing in the Cyprus Exclusive Economic Region have been completed successfully.

Yiorgos Lakkotrypis, remarking that an agreement has been reached upon the terms with Eni and Total Consortium for Block 6, and with Eni for Block 8, and with ExxonMobil and Qatar Petroleum for Block 10, further said that the Council of Ministers of Southern Cyprus will discuss the terms agreed upon with the companies on March 17, 2017 and the agreements may be executed then as a next step.

Transfer of half of shares of Total to Eni have been approved

Lakkotrypis further announced the approval of the Council of the application filed for the transfer of Total shares in Block 11 to Eni. He drew attention that such is a very significant development which will further strengthen the joint participation in Block 11.

As may be recalled, the Turkish Ministry of Foreign Affairs formally announced that a substantial portion of site No. 6 to be awarded under the 3. round of natural gas tender to be held by Southern Cyprus is within the continental shelf of Turkey.