France's Total, Italy's Eni, Exxon Mobil and Qatar Petroleum received the green light from Cyprus's lawmakers to explore for oil and gas the offshore areas south of the island.
The exploration of the Mediterranean's Levant Basin became interesting since the 2015 when Eni discovered the biggest gas field in the Mediterranean, estimated to hold 850 billion cubic meters of gas.
The Cypriot concessions cover exploration rights for three offshore blocks off the south and southwestern coast and contracts would be inked on April 5 and 6 this year.
Eni and Total have joined forces for one of the blocks and ExxonMobil and Qatar have teamed up for another. Eni will be on its own in a third block.
Total, which was awarded another block in a previous licensing round, planned to conduct drilling this year in Block 11, which borders the Zohr discovery.
The Italian Eni projected to drill twice during this year, but concrete details would be released after a seismic analysis, according to Cypriot Energy Minister Georgios Lakkotrypis.
Nord Stream 2 inked financial deals with Shell and four other European energy companies25/04/2017 11:33:00 <READ MORE
UK - first coal-power free day in over a century, according to National Grid24/04/2017 16:29:00 READ MORE
Russia: Novatek will increase gas resources to preserve output, stabilize market share24/04/2017 11:09:00 READ MORE