NICOSIA Feb 5 Cyprus is to sign a deal for
offshore hydrocarbon exploration with Total which will
join three other oil majors searching for oil and gas in a
largely unchartered area.
The Cypriot cabinet has approved terms of a production
sharing agreement with Total, a government spokesman said, and
the agreement will be signed on Wednesday.
"With this agreement, the total number of blocks under
licence comes to five," said government spokesman Stefanos
Total's licensing will be for two blocks. Cyprus awarded
exploration rights over another sea area, also comprised of two
blocks, to a consortium of ENI and South Korea's Kogas
on Jan. 24.
Texas-based Noble Energy reported its first natural
gas find of 7 trillion cubic feet (tcf) in 2011 in an area off
The island could have over 60 tcf of natural gas off its
coast, in a maritime area known as its exclusive economic zone,
Charles Ellinas, executive president of the Cyprus National
Hydrocarbons Company (CNHC) told Reuters in an interview last