Energy Minister Yiorgos Lakkotrypis is expecting reports on the third energy licensing round in Cyprus’ EEZ in the coming weeks, he said on Monday.
Contracts for the third round are expected to be signed in the beginning of 2017, he told the Parliamentary Committee on Finance.
Lakkotrypis has said that Exxon Mobil, Qatar Petroleum, ENI, and TOTAL have all expressed their interest in the third licensing round, “which is indicative of the outlooks in Cyprus’ EEZ.”
The Minister added that the drilling planned in block ‘11’ will be important in seeing the geological make-up of Cyprus’ EEZ. He mentioned that block ‘11’ has similar geological structures to Egypt’s Zohr field.
In the meantime, Lakkotrypis said that after the failed attempt to extract natural gas for Cyprus’ needs, the natural gas company of the island (CyGas) has been asked to prepare a study on the structures for imports and liquefaction. He added that one of the problems with the structures was that they were created for countries larger than Cyprus.
Source: CNA
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