Negotiations in the context of the second licensing round on hydrocarbons exploration between the Cyprus government and oil and gas consortiums continue on Monday and Tuesday.

On Monday talks resume at the Ministry of Commerce, Industry and Tourism with French Total for blocks 10 and 11, in Cyprus exclusive economic zone.

On Tuesday, negotiations continue with Italian ENI on blocks 2, 3 and 9.

Exploratory drilling conducted by Huston-based Noble Energy in Block 12 of Cyprus EEZ has revealed a gross natural gas reserve from 3 to 9 trillion cubic feet (tcf) with a 60% probability of geologic success. Noble is expected to extract and transfer to Cyprus natural gas by late 2018.

The Cabinet decided on October 30 last year to begin negotiations with several oil and gas consortiums in the context of the second licensing round.

In statements he made on December 20 Minister of Commerce Neoklis Sylikiotis said talks were progressing well with ENI on blocks 2 and 3 and Total on block 11.

Published by:  www.famagusta-gazette.com