Cyprus signs contracts with Eni and Total on five EEZ blocks

Cyprus seems more determined than ever to continue with the natural gas & oil explorations

Cyprus on Wednesday signed agreements with France’s Total and Italy’s Eni for exploration in block 7 of Cyprus’ exclusive economic zone (EEZ).

The contracts were signed at the energy ministry by Energy Minister Giorgos Lakkotrypis in Nicosia with representatives of the two companies in the presences of the ambassadors of France and Italy.

In July the cabinet announced that the Total-Eni consortium had been granted a license for exploratory drillings in block 7. Total was also granted a licence for blocks 2, 3, 8 and 9 where ENI is already a licensee.

For the block 7 license, the two companies have a share of 50 per cent each. In addition, Total will receive from ENI a share of 20 per cent for blocks 2 and 9, and 30 per cent for block 3, and 40 per cent for block 8.

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