Friday, April 7, 2017

Cyprus issues more offshore exploration contracts

Arab News:

Energy giants ENI of Italy and Total of France signed exploration contracts with the Cyprus government Thursday to drill for oil and gas off the Mediterranean island’s south coast.

The signings complete the island’s third licensing round in which US giant ExxonMobil with Qatar Petroleum also signed a contract on Wednesday to explore offshore.

Cyprus needs to find more reserves to make a proposed onshore liquefied natural gas plant that would allow exports by ship to Asia and Europe financially viable.

The newly licensed blocks are close to where ENI made a huge find in Egypt’s offshore Zohr field that could hold 850 billion cubic meters (30 trillion cubic feet) of gas.

The record Zohr find has raised hopes that there is more untapped wealth to be found off Cyprus.

The Cyprus economy has revered nicely from its recent financial crisis. The big natural gas finds could really put the Cypriot economy in a higher gear.

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