President to meet Total delegation
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| Meeting TOTAL at the presidential palace 24-11-2015 |
According to sources, the meeting will focus primarily on Total’s intentions to extend their explorations in Block 11 with their agreement with the Cypriot government set to expire in February. The meeting is scheduled to take place at 12pm at the Presidential Palace.
Apart from Block 11, Total are also said to be interested in taking back Block 10 – which they had previously secured the rights to explore before abandoning it – following the recent discovery of gas in Egypt’s Zohr reservoirs.
The meeting comes just one day after British multinational oil and gas company BG Group announced that it had taken a 35% holding in Block 12 offshore Cyprus which includes the Aphrodite gas discovery.
The Group said this development provides a potential source of gas to Egypt where BG holds equity in the two train LNG export facility at Idku.
The Zohr field discovery was welcome news to the Cypriot government. ENI’s newly discovered reservoir is in fact located only 6 kilometres away from Block 11 of Cyprus’ EEZ, licensed to Total.
The Cypriot government announced back in September through Energy Minister Yiorgos Lakkotrypis that it is currently investigating if the Zohr field extends into Cyprus’ EEZ.
ENI had previously declared that the field extends to 100 square kilometres but it is not yet clear whether it is a shared field between Cyprus and Egypt.
Source: http://in-cyprus.com/president-to-meet-total-delegation/
