Two-year extension signed with the Eni/Kogas
consortium
for exploration Blocks 2, 3 and 9 in the Cyprus
EEZ
The Ministry of Energy, Commerce, Industry and Tourism announces that
the Republic of Cyprus and Eni/Kogas consortium have signed a two-year extension
of the initial exploration phase for exploration Blocks 2, 3 and 9, of the
Exclusive Economic Zone (EEZ) of the Republic of Cyprus.
The consortium , which is undergoing its initial exploration phase that expires on
the 23 rd of January 2016, requested and received the approval of the
Council of Ministers on the two-year extension of the three licensed exploration
Blocks. Within the next two years, the consortium will conclude studies aiming
at better evaluating and recalibrating the geological model of the region, in
order to identify prospects necessary to complete its drilling obligations.
This development is especially important, as it reaffirms and
advances Cyprus’ energy prospects during a period in which the international oil
and gas industry is experiencing challenging conditions.
