Cyprus licensing blocks 6, 8 and 10 in its Exclusive Economic Zone
The republic of Cyprus has successfully completed negotiations with the selected bidders for the offshore hydrocarbon exploration licences of blocks 6, 8 and 10 exclusive economic zone (ΕΕΖ) Energy Minister Yiorgos Lakkotrypis said on Tuesday.
The selected applicants were a consortium of Eni and Total for Block 6, Eni for Block 8, and a consortium consisting of ExxonMobil and Qatar Petroleum for Block 10.
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 negotiations were crucial for Lakkotrypis, as he was tasked a year earlier with changing the terms of the contracts in order to give preference to exploratory programmes that would yield faster drilling.
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The minister told the media on that the completed contracts meet the expectations of the government, which is exploratory drilling without delay.
For block 11, Lakkotrypis said the cabinet approved TOTAL’s application to grant 50 per cent of its rights to ENI.
The minister also said the companies were quite optimistic as to the prospects of the Eastern Mediterranean, and more specifically the Cyprus Exclusive Economic Zone.
Cyprus Licensing Blocks