Total, the only major exploring offshore Cyprus, has provisionally signed up to Nicosia’s plans for LNG exports. But CEO Christophe de Margerie says that for the region’s reserves to be fully exploited “pragmatic” politics will have to reign.

Last week’s Total/Nicosia Memorandum of Understanding “records the support of Total for the monetization of potential natural gas reserves in Blocks 10 and 11 of Cyprus’ Exclusive Economic Zone (EEZ) through a variety of options giving priority to liquefaction and LNG export to European and Asian markets.” Total was awarded the blocks in February following the country’s second licensing round. (CONTINUED - 384 WORDS)