Cyprus approves Eni, Total, Exxon offshore gas block deals
ATHENS (Reuters) -- Cyprus's cabinet on Friday approved contracts with France's Total, Italy's Eni , Exxon Mobil and Qatar Petroleum to explore for oil and gas in offshore areas south of the island, officials said.
|Photo Courtesy of Reuters.
Exploring the Mediterranean's Levant Basin has become more attractive since Eni discovered Egypt's offshore Zohr field in 2015, the biggest gas field in the Mediterranean and estimated to contain 850 Bcm of gas. The Cypriot concessions cover exploration rights for three offshore blocks off the south and southwestern coast and contracts would be signed on April 5 and 6, Energy Minister Georgios Lakkotrypis said.
Eni and Total are in a consortium for one of the blocks and ExxonMobil and Qatar have joined up for another. Eni will be on its own in a third block. The blocks were offered in the third licensing round held by Cyprus.
Total, which won rights for another block in a previous licensing round, planned to conduct drilling this year in Block 11, which borders the Zohr discovery, Lakkotrypis said.
Eni said last week said it had finalized a deal with Total to buy a 50 percent interest in Block 11, with Total remaining the operator.
The Italian firm planned to drill twice this year, Lakkotrypis said. "Precisely what block has not yet been defined, that will be ascertained with greater clarity by seismic data," he added.
Noble Energy of the US made Cyprus's first natural gas discovery offshore in 2011.
Writing by Michele Kambas; Editing by Edmund Blair
The ongoing development of shale gas resources in the US has spurred infrastructure construction for both natural gas processing capacity and LNG export terminals.
Russian natural gas monopoly Gazprom is strengthening its presence in the gas market of the Middle East through the planned construction of an 11-metric-MMtpy–12-metric-MMtpy LNG plant in Iran.
ADIP ULTRA: ADIP-X Reimagined
View on Demand
Shell Global Solutions International BV (Shell) is launching the improved process technology ADIP ULTRA, for cost-effective removal of CO2 down to <50ppmv. The ADIP ULTRA process is applicable in gas plants, LNG, pre-NGL, refinery HMUs and gasification syngas.
•Discover how looking back at decades of ADIP and ADIP-X operational experience has led to the cost effective ADIP ULTRA process
•Understand how Shell’s new absorption column internals can further enhance process performance
•Learn how Shell is a reliable partner of choice who helps you get the most out of your unit
•An opportunity to ask questions to Shell’s technical experts
May 9, 2017 9am UTC
View on Demand