Cyprus Makes Strides in Offshore Energy Search

From Business Recorder

Cyprus said on Wednesday it was making good progress with a second round of licensing for exploratory drilling aimed at exploiting offshore oil and gas deposits.

In October drilling permits, subject to negotiation, were approved for blocks 2, 3, 9 and 11, and on Wednesday block 10 was also added to the list.

“Negotiations with applicants for blocks 2 and 3 have made significant progress while progress has been made in negotiations for block 11,” said government spokesman Stefanos Stefanou.

However, talks with preferred bidders for block 9 a French-Russian tie-up involving Total ENP Activities and Novatek have ceased, he said.

He said the cabinet had decided direct negotiations should end as they had been “unsatisfactory,” and they would now move on to ENI-Kogas.

The government is also negotiating a deal with the same Italian-South Korean partnership for blocks 2 and 3.

France’s Total is still in the running to exploit block 11 on its own and the government has also decided to negotiate directly with it for the adjacent block 10.

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