South Cyprus and Total have signed a memorandum of understanding today for the development of a natural gas liquefaction facility.
The two sides will cooperate, in particular, on the feasibility of an onshore LNG plant to be built at Vasilikos, whilst taking into consideration Total’s views on the structuring and development of the LNG project.
Total was awarded exploration and production shares in Blocks 10 and 11 of South Cyprus’ self-declared Exclusive Economic Zone (EEZ) in February.
The MoU records Total’s support for the commercialisation of potential natural gas reserves in Blocks 10 and 11 through a variety of options giving preference to liquefaction and LNG export to European and Asian markets.
