Cyprus successfully completes negotiations with selected bidders for blocks 6,8 and 10 in its EEZ

Cyprus has successfully completed negotiations with the selected bidders for the licensing of blocks 6, 8 and 10 in its Exclusive Economic Zone (???), the Minister of Energy, Commerce, Industry and Tourism Yiorgos Lakkotrypis has said.

The applicants selected are the consortium of ENI and Total for Block 6, Eni for Block 8 and the consortium 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 Minister said that this is a very important development for Cyprus and the Eastern Mediterranean in general because it reinforces the prospect of hydrocarbons in the area, especially if one looks at the research projects that have been proposed and agreed. He said that the companies are quite optimistic as to the prospects of the Eastern Mediterranean, and more specifically the Cyprus EEZ.

Invited to say when the first results from the drilling process can be expected, he said that “we are discussing about various dates, some within 2017, however we need to be cautious as everything depends on the companies themselves and their targets.”

As regards block 11, Lakkotrypis that the Cabinet today approved TOTALs application to assign 50% of its rights to ENI. He said that this is a very important development because it strengthens the joint venture in Block 11 of Cyprus EEZ.

Source: Cyprus News Agency