Two-year extension signed with the Eni/Kogas consortium for exploration Blocks 2, 3 and 9 in the Cyprus EEZ
Tuesday, 19 January 2016
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 of the Republic of Cyprus.
The consortium, which is undergoing its initial exploration phase that expires on the 23rd 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.