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ECONOMY

Cyprus Approves Contracts with ENI, Total and Exxon

Cyprus Approves Contracts with ENI, Total and Exxon

Cyprus is set to sign on April 5 and 6 contracts with the selected bidders of the third licensing round for explorations in blocks 6, 8 and 10 of its Exclusive Economic Zone, Energy Minister Yiorgos Lakkotrypis has announced.

The three contracts have been approved by the Cabinet, the Cyprus News Agency reports.

The body authorised the Minister to sign the contracts with the three companies. “The signing will take place on the 5th and the 6th of April and the details will follow very soon,” Lakkotrypis announced to the press after the meeting of the Cabinet.

Asked whether the contacts differ from those signed with companies in previous licensing rounds, the Minister noted that the contracts were negotiated on March 7, as announced. “Today we had the opportunity to present both the technical and the financial results, as well as the legal (results) of the negotiations, in detail to the Cabinet” he said.

Lakkotrypis confirmed that upon the singing of the contracts the state will receive 103.5 million euro.

The Minister said that besides the drilling in block 11, the Italian energy company ENI is planning another two but they have yet to determine in which blocks. “So our intention is to have the drilling in block 11 and have another two drillings before year`s end, at least begin before the end of the year”.

Replying to a question, Lakkotrypis said that recent statements by Turkish officials do not cause concerns among the companies. “Let us move on with confidence to address the challenges before us, economic, political and geopolitical and remain committed to our goals, which is more exploratory programme”.

The applicants selected in the third licensing round are the consortium of ENI and Total for Block 6, Eni for Block 8 and the consortium of ExxonMobil and Qatar Petroleum for Block 10.

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