ydsyjx@126.com 86-29-8827 0172
31Mar,2017
Cyprus to move forward with more oil drilling licensing -minister
NEW YORK, March 22 (Reuters) - Cyprus will move ahead with further licensing for oil drilling after analyzing the results of its most recent exploration, the countrys energy minister Yiorgos Lakkotrypis said on Wednesday.

Cyprus announced the completion of a third round of licensing for well drilling in which Exxon Mobil (XOM.N) , Italys ENI (ENI.MI) and Frances Total (TOTF.PA) won additional blocks offshore. The contracts will be signed on April 5 and 6, but it has not yet been determined which blocks off Cyprus coast the companies will drill, Lakkotrypis said.

The minister said that while the countrys current priority is "exploration, exploration, exploration," he expected much more for Cyprus on the energy front.

"Once we have the results of this exploration 2.0 as I called it, then of course there will be a fourth (round) and a fifth and a sixth and Im sure there will be plenty more," Lakkotrypis told Reuters on the sidelines of Capital Links Invest in Cyprus Forum in New York City.

Additionally, ENI and Total will have additional wells on the already licensed block with ENI expected to begin work in late June or early July. ENI will also progress with "a couple" of wells this year, Lakkotrypis said. Exxon will be developing its well in 2018 with a number of exploration wells to take place in the coming years.

Cyprus is seeking to develop its energy sector to bolster an economy that relies largely on tourism, business services and shipping. However efforts to expand the energy sector could be complicated by the islands division between Turkish Cypriots and Greek Cypriots.

Turkey, which supports a breakaway Turkish Cypriot state in northern Cyprus and is highly influential there, says the Greek Cypriot-led government of the island has no right to explore for hydrocarbons.

Cyprus and Turkey do not have diplomatic relations and peace talks between Greek and Turkish Cypriots to reunite the island under a federal umbrella broke off abruptly in February.

Lakkotrypis said the government was committed to negotiating an agreement with Turkey but that its oil and gas development was not part of that discussion.

"Cyprus is a sovereign country," he said. "We will continue to go ahead and proceed with strategic plans in the oil and gas industry to develop the industry with the help of some of the biggest companies in the world.
Cyprus to move forward with more oil drilling licensing -minister
From XinHua
Comment
latest news
  • A BIG BIG THANK YOU TO U ALL FOR YOUR CONTINUOUS SUPPORT  !!!
    A BIG BIG THA...
    2017-6-15
    Always return to see lot of updates on information.
  • OPEC cuts fail to impress
    OPEC cuts fai...
    2017-5-6
    On course, lower oil prices and energy security.
  • Oil prices gyrate amid geopolitical concerns
    Oil prices gy...
    2017-5-6
    ell, only three months into the year and so far 3 of our 9 initial ...
  • Why Not Use
    Why Not Use "...
    2017-4-24
    Here is one drawback to the solar products which get away from Sili...
  • Cyprus to move forward with more oil drilling licensing -minister
    Cyprus to mov...
    2017-3-31
    Lakkotrypis said the government was committed to negotiating an agr...
Contact Info
Address:
Room 803,building B,Haibo Plaza,Fengcheng 9th Road, Weiyang Dist.,Xi`an,Shaanxi,China(Mainland)
Email:
ydsyjx@126.com
Tel:
86-29-86183807    001-7789600529
Fax:
86-29-86183807