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articles | 16 May 2019 | ServPRO Accountants & Consultants

CYPRUS and TOTAL-ENI progress in licensing energy field 7

Minister of Foreign Affairs, Mr. George Lakkotripis recently reported to the Cyprus News Agency (CNA), that significant progress has been made in the discussions regarding licensing energy field no. 7 to the TOTAL-ENI consortium. He added however, that some legal issues are pending for final settlement.

“A round of negotiations with the TOTAL-ENI consortium for the licensing of the 7th block of Cyprus’s Exclusive Economic Zone (EEZ) was completed today,” Mr. Lakkotripis told CNA, adding that significant progress was achieved on commercial, technical and legal issues related to the contract.

He further added that some legal points which are still pending, will be clarified in the immediate future so that a final agreement can be reached.

Mr. Lakkotripis recalled the significant discovery in Calypso gas field 6 (TOTAL-ENI) and noted that it seems that Calypso also extends in gas field 7. Therefore, in October 2018 the government of Cyprus announced a private licensing round, triggering relevant provision of the law, allowing it to invite bids only companies that have been licensed in blocks bordering block 7. TOTAL-ENI was the only one to submit a bid.

Upon reaching an agreement, the President of Cyprus, Mr. Nicos Anastasiades, will be immediately informed and the agreement will be submitted to the Hydrocarbon Consultative Committee and then submitted to the Cabinet for final approval.

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