ExxonMobil, Statoil & QP Make First Forays Into Cyprus’ Offshore

Cyprus’ third bid round for three offshore blocks closed on 22 July and Nicosia announced this week that bidders include a consortium involving supermajor ExxonMobil and Qatar’s state oil firm QP, Italy’s Eni, France’s Total and Norway’s Statoil.

On offer were Blocks 6, 8 and 10 (see map). Eni and Total are both already in possession of acreage offshore Cyprus. The Italians operate and have an 80% stake in Blocks 2,3 and 9 along with Korean state gas firm Kogas, which holds the remaining 20%. Total holds Block 11, which borders Egyptian waters and is just 5km north of Eni’s August 2015, 23 tcf Zohr gas field discovery in the North African state’s waters. (CONTINUED - 799 WORDS)