Showing posts with label Discovered Resources Opportunities (DRO). Show all posts
Showing posts with label Discovered Resources Opportunities (DRO). Show all posts

Thursday, January 19, 2017

Total readies drills in Cyprus, Egypt in regional growth push - YAHOO FINANCE / REUTERS

January 19, 2017
Bate Felix, 
Editing by Andrew Callus and Alexander Smith

PARIS (Reuters) - France's Total (TOTF.PA) is preparing to drill for gas off Cyprus, close to ENI's huge Zohr discovery off the Egyptian coast which in 2015 renewed interest among oil majors for exploration in the Mediterranean.

Cyprus awarded ENI, Total and ExxonMobil (XOM.N) exploration licences near the Zohr field in December, while neighbouring Lebanon plans to restart its delayed oil and gas licensing round in the region.

"Obviously the Zohr discovery has changed the landscape," Stephane Michel, who took over as Total's President for Exploration and Production in the Middle East and North Africa (MENA) region in 2014, told Reuters on Thursday.

"It is clear that the decision to drill block 11 was taken on the basis of the Zohr discovery," Michel said, adding that preparations were in the final stages but there was no date yet when drilling would begin.