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Cyprus makes a Major commitment to deepwater exploration

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Cyprus has officially signed production sharing contracts with Eni Total ExxonMobil and Qatar Petroleum for deepwater blocks 6 8 and 10. This formally concludes the country's 3rd offshore licensing round. A total of 103.5 million (US$110 million) in signature bonuses will be paid to the Cypriot government and bullish work programmes with up to 12 exploration wells in total have been reported. Although we believe that no more than half of these are firm commitments in the first exploration phase this signals one of the most significant industry commitments to frontier deepwater exploration globally in recent years.

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  • EastMed pipeline is an option to export Cypriot gas to Europe but comes with major challenges

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