Energy Minister Giorgos Lakkotrypis, and the General Manager of Total E&P Cyprus B.V., Jean-Luc Porcheron, on Wednesday signed an agreement on further exploration works in the island’s Exclusive Economic Zone, which Total will undertake in order to further assess the prospectivity of Block 11, an announcement said.
The agreement was signed in the framework of the existing contractual relationship between Cyprus and Total E&P, with respect to Block 11, it added.
In January the minister hadannounced that Total was not able to locate drilling target areas within the blocks 10 and 11, which it had been licensed to explore. Total said it was discussing with local authorities a potential programme of additional exploration works in the area.
Four years after the initial exploration well in Block 12, Noble Energy will submit its development plan for the Aphrodite well that holds a gross reserve of natural gas amounting to 4.5 trillion cubic feet. Cyprus has already engaged in talks with Egypt to explore ways of exporting natural gas in the neighbouring country.
Source: Cyprus Mail