Total applies for a stake in block 8


French energy giant TOTAL applied to the Cyprus government to acquire a stake in block license 8 in the Cypriot Exclusive Economic Zone currently owned by Italy’s ENI.

ENI and TOTAL are partners in blocks 11 and 6. An exploratory well carried out in early 2017 in Kalypso target revealed a “promising discovery” but no data have been disclosed yet concerning the Kalypso`s reservoir size.

“We applied to enter in the block 8 owned by ENI,” TOTAL President for Middle East production and exploration Stephane Michel said in statements following a meeting with Cyprus President Nicos Anastasiades.

Michel gave no further details as to the stake TOTAL is seeking to acquire in the block 8 licence and did not elaborate concerning a timeframe for an exploratory well in the Kalypso target citing technical work that needs to be done.

The appraisal well, he said “is part of the discussions we have but you know there is a lot of technical work to be done before that can be done.”

Michel added the exploratory drill carried out in early 2017 had a “positive result,” adding an appraisal well is now needed.

On his part Energy Minister Yiorgos Lakkotrypis described TOTAL application for a state in block 8 as significant development.

“This is a very significant development that strengthens the consortium in block 8 and increases TOTAL’s presence in Cyprus,” he said.

“After what has happened in block 3 we see one of Cyprus’ most significant partners seeking to increase its presence in our EEZ, especially in a block such as block 8 which remains unexplored,” he added.
 
Cyprus has been divided since 1974, when Turkish troops invaded and occupied its northern third. Nicosia is currently developing natural resources discovered within the Republic’s exclusive economic zone. Last February, Turkish warships blocked twice a vessel bound for drilling activities in Cyprus’ EEZ block 3 on behalf of Italian energy company ENI.

 

Source: Stockwatch

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