France's Total signs new oil, gas deal with Cyprus

Economy February 06, 2013

France's Total signs new oil, gas deal with Cyprus

Neoklis Sylikiotis, Arnaud Breuillac, Helene Dantoine, Herve Chagnoux

Photo: AP Cyprus Commerce Minister Neoklis Sylikiotis, left, shakes hands with Arnaud Breuillac, Total SA president for Middle East exploration and production after signing an agreement licensing the French company to drill for oil and gas off Cyprus’ southern coast as senior Total officials Helene Dantoine and Herve Chagnoux, right, look on, in the Cypriot capital Nicosia on Wednesday, Feb. 6, 2013. France’s Total SA says it will be looking for both oil and gas deposits offshore Cyprus, with which it officially signed its licensing deal.

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NICOSIA, Cyprus (AP) — France's Total SA says it will be looking for both oil and gas deposits offshore Cyprus, with which it officially signed its licensing deal.

Arnaud Breuillac, Total's president for Middle East exploration and production, said the deal, which was announced Tuesday and signed Wednesday, "fits very well" with the company's plans to explore in unchartered territory.

The two blocks lie off Cyprus' southern coast, west of a field that holds an estimated 5-8 trillion cubic feet (140-230 billion cubic meters) of gas. Cyprus signed similar agreements two weeks ago with a consortium composed of Italy's ENI and South Korea's Kogas to drill in three other blocks.

Cypriot Commerce Minister Neoklis Sylikiotis said the companies will drill up to 10 exploratory wells over the next three years.

Subjects
- Business,
- Energy,
- Industries,
- Contracts and orders
Locations
- Cyprus,
- France,
- Western Europe,
- Europe
Companies
- TOTAL SA

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