Total SA (ADR) (NYSE:TOT): Drilling in Cyprus Underway - THE COUNTRY CALLER

January 20, 2017 10:18 am EST

Myrna Salomon

The site targeted for drilling stands in close proximity with the Eni owned Zohr field

With an optimistic sentiment being raised in the global energy market, energy companies are in full swing. From boosting up their exploration, production and investment plans to carry out new expansions, the big oil are doing their all.

Being in the same league, French oil and gas company Total SA (ADR) (NYSE:TOT) is prepping up for gas drilling off Cyprus. The site targeted for drilling stands in close proximity with the Eni SpA (ADR) (NYSE:E) owned Zohr field.

Stephane Michel, President of Total for Middle East and North Africa stated: "Obviously the Zohr discovery has changed the landscape. It is clear that the decision to drill block 11 was taken on the basis of the Zohr discovery."

IHS Markit: Total’s offshore Cyprus Block 11 could tival Egypt’s Zohr natural gas discovery - OILFIELD TECHNOLOGY

Wednesday, 11 January 2017 14:30

David Bizley, Editor

Total to drill one of E&P industry’s most critical wells in 2017, as interest grows in region.

Driven by the success of Eni’s major Zohr Field gas discovery offshore Egypt in 2015, companies are rethinking the Eastern Mediterranean region’s gas potential, according to new analysis from IHS Markit (Nasdaq: INFO), a world leader in critical information, analytics and solutions. Total’s announcement that it will drill a 2017 exploration well in its deepwater Block 11 located offshore Cyprus indicates the growing interest in the wider region.

“The Zohr gas discovery in Egypt was a play opener for the region—it has caused companies to rethink the region’s gas potential and take a closer look at the geology,” said Graham Bliss Ph.D., senior director of plays and basins research at IHS Markit, and lead author of a series of analyses examining upstream energy competition in the Eastern Mediterranean. “Zohr’s success clearly encouraged Total leadership to re-examine Block 11’s potential, since it is contiguous with the Egyptian Shorouk Offshore Block, which is home to Eni’s Zohr Field.”