Cyprus: Total Write-Off?

This year had been billed by the Cyprus government as an exciting year that could see a number of offshore gas discoveries which could kick-start the economy, following the country’s 2013 financial crash. But two of the three firms/consortia slated to drill this year have shelved their plans.

French major Total had said it would drill in the second half of this year, but results from shooting 2D and 3D seismic in the previously unexplored blocks 10 and 11 came up empty according to the firm.

“Total recently completed its geological, geochemical and geophysical surveys in Blocks 10 and 11, without recognizing any potential drilling targets,” a company spokeswoman says. (CONTINUED - 374 WORDS)