The company will hold 75% of the exploratory drilling and exploitation rights in Block 2
TOTAL
Greece has so far made nine maritime and land concessions
Cyprus seems more determined than ever to continue with the natural gas & oil explorations
The joint venture is comprised of Total (40%), ExxonMobil (40%) and Hellenic Petroleum - HELPE (20%)
A "good basis" for the creation of an LNG terminal although more quantities will be needed
It has not yet been clarified the exact spot the drilling rig that Ankara now has will carry out the first exploration drilling
The licenses must be ratified by parliament before exploration work can begin
The French-Italian co-operation seems to be expanding further and will include plot 3, that was the cause of the Turkish provocation in February
Cyprus Energy Minister Yiorgos Lakkotrypis told AP that Total’s move is “very significant”
Activity follows years of work by U.S. diplomats to harmonize economies of once-hostile nations such as Israel, Egypt & Jordan