French energy company Total are to stop searching for hydrocarbons offshore south Cyprus. Total has found no evidence of natural gas in blocs 10 and 11 of South Cyprus’ EEZ, local media have reported.
According to ‘Politis’, the company is seriously considering pulling out altogether from the South’s EEZ, whilst Sigmalive reports that Total has spent millions of euros on surveys in the two blocs, but with no success.
Greek Cypriot Energy Minister George Lakkotrypis said that Total had been in contact with the government since September regarding the situation.
Speaking on CyBC radio this morning, he said the decision of the French company is not final and the situation will be clearer next week.
He added that the situation was not linked to the recent Turkish seismic operations offshore the island.
Total was granted hydrocarbon exploration licenses in blocs 10 and 11 after signing two production sharing contracts with the Ministry of Commerce, Industry and Tourism in Nicosia in February in 2013.
Last month the South Cyprus Energy Ministry announced that no exploitable quantities of hydrocarbons were found in an exploratory well in the “Onasagoras” reservoir, in bloc 9.
Referring to ‘Onasagoras’, he also said that drilling in sea depths as exist around Cyprus, technically only have a 26% chance of success.
Source Famagusta Gazette