US Noble Energy reported discovering between 141 billion to 226 billion cubic metres in Cyprus’s first attempt to find natural resources offshore in December 2011. Noble`s find was after being granted the country`s first offshore exploration license.
As part of the second offshore exploration licensing round, launched by the Cypriot government in 2012, Italy`s ENI and South Korean KOGAS signed exploration and production contracts with the Republic of Cyprus for Blocks 2, 3 and 9, which are located in the Cypriot deep offshore portion of the Levantine Basin.
Total announced today that, as part of the second offshore exploration licensing round, it has signed two production sharing contracts, for Blocks 10 and 11, with the Republic of Cyprus. the statement provides that the licenses extend over 2,572 square kilometers and 2,958 square kilometers respectively, southwest of Cyprus, in water depths ranging from 1,000 to 2,500 meters.
Total stated that the exploration program will begin with seismic surveys. In the statement Total said. “[we] are delighted with this new exploration acreage, where we will be conducting an extensive seismic program, shooting 3D seismic on Block 11 and 2D seismic on Block 10. Each block is targeting a different play”, commented Arnaud Breuillac, Senior Vice President, Middle East at Total Exploration & Production. “This acreage acquisition is aligned with Total’s ambitious exploration strategy focused on new acreage and plays.”
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