Cyprus selects Eni, Exxon, Total for three offshore blocks
The Cypriot government has selected Eni, ExxonMobil, and Total for three offshore oil and gas exploration licenses as part of the country’s third licensing round.
The country’s third offshore licensing round for offshore exploration in blocks 6, 8, and 10 in the Exclusive Economic Zone of Cyprus was launched in March this year and the deadline for the submission of applications expired in July.
The energy ministry received six applications in total by eight companies and for all three available blocks.
The ministry said on Wednesday it had picked the Italian oil company Eni for the exploration Block 6 in partnership with Total. Eni was also awarded the exploration Block 8 on its own while ExxonMobil won the exploration Block 10 in partnership with Qatar Petroleum.
The oil companies will negotiate with the Cypriot government on the terms and provisions of the exploration and production sharing contracts.
The country’s Council of Ministers has appointed a team, led by the Minister of Energy, Commerce, Industry and Tourism and the Minister of Finance, to negotiate contract terms and provisions with the selected applicants.
According to the ministry, in case negotiations are successful, and provided that the agreed contract per individual Block is approved by the Council of Ministers, hydrocarbon exploration licenses will be granted. Otherwise, the runner-up applicants will be invited for negotiations, the ministry concluded.
Offshore Energy Today Staff