Italy, South Korea to Begin Natural Gas Exploration in Cyprus

From Europe Online

Italian oil giant ENI and South Korea‘s Kogas on Thursday were awarded rights to explore for natural gas deposits in three offshore blocks in Cyprus.

The government of the Republic of Cyprus signed the Exploration and Production Sharing contracts with the consortium ENI-Kogas for blocks 2, 3 and 9, in the deep-water zone off the island‘s southwest coast, which encompasses an area of around 12,530 square kilometers.

The consortium won the second licensing round for offshore exploratory drilling, which was launched last year.

Nicosia hopes that fossil fuel deposit discoveries may boost the eurozone country‘s sagging economy. Analysts say the island‘s huge untapped gas reserves could also help reduce the European Union‘s dependency on Russian energy.

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