Gazprom,ENI,Total clinch gas bids in Cyprus

08/11/2012
French and Italian energy giants Total and ENI, as well as the Korean Gas company and Gazprom-subsidiary Novatec have been awarded the licenses to explore for oil and gas in Blocks 2,3,9 and 11 in the Cyprus Exclusive Economic Zone.
The Council of Ministers approved the winning bidders of the second licensing round in which 33 companies and joint ventures had taken part.
No financial details were announced. Texas-based Noble Energy is already in an advanced stage of its exploration plans in Block 12 as it was the sole bidder in 2009. It has since announced a discovery of an average 7 trillion cubic feet of natural gas, one of the biggest finds in the area adjacent to Israel’s giant Leviathan basin. Blocks 2 and 3 have been awarded to the ENI and Kogas joint venture, Block 9 to the conglomerate comprising Total, Russia’s Novatec (a Gazprom affiliate) and GP Global Resources, while Block 11 was awarded to Total. Israel’s Delek has an option to buy into the existing gasfield in Noble’s Block 12.


 


 

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