Mediterranean's Levant Basin to be explored by Total, Eni, Exxon Mobil and Qatar Petroleum

20/03/2017 11:32 Natural Gas

news

 

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.

 

 

  

Daily (19.06.2017): British prompt gas prices unexpectedly rose by around 19% on Friday

19/06/2017 10:15:00

Oil prices edged up on Friday but the market is still bullish. Rising U.S. oil output has undermined the impact of OPEC-led cuts. Data from the U.S. EIA showed growing gasoline stocks and low demand, despite the peak summer driving season.

<READ MORE

Russia envisaged Siemens turbines for Crimean plants

19/06/2017 09:40:00

Russia has revealed for the first time it has envisaged to install equipment produced by German company Siemens in two new power plants in Crimea, a project that has been affected by difficulties due to European trade sanctions.

READ MORE

Norway-Poland gas pipeline plan requires demand for 75% of capacity

19/06/2017 08:39:00

A pipeline to provide Norwegian gas to Poland that will cost around 2 billion euros ($2.23 billion) will only be constructed if there is demand for minimum 75 percent of the gas it can convey, one of the associates in the project told Reuters.

READ MORE