Cyprus has signed an exploration deal with Total and Eni concerning block 7 of its exclusive economic zone (EEZ). Additionally, Total will obtain from ENI 20% of blocks 2 and 9.30% of block 3, and 40% of block 8, while Korea’s Koga retains 20% in each. The two companies are expected to drill six wells in their blocks over the next two years.
In July 2019, Cyprus announced that Total and Eni had been awarded a permit for exploration in block 7 with a share of 50% each. Total also received permits for blocks 2, 3, 8 and 9 where Eni owns already a licence. Overall, Eni and Total have permits for seven of Cyprus’ 13 blocks. ExxonMobil and a consortium regrouping US Noble Energy, and Israel’s Delek hold licenses for one block each.
In February 2019, ExxonMobil and Qatar Petroleum found a gas field in their licence estimated to contain 141-227 bcm of natural gas. In 2011, Noble Energy discovered a field which it estimates to hold 116 bcm of natural gas.
However, Turkey is opposing Cyprus’s exploration plans. In 2019, Ankara sent two drillships and two exploratory vessels to the area. Turkey also issued oil drilling permits to the Turkish National Oil and Gas Company (TPAO) that encompass blocks 1, 4, 5, 6 and 7 as delineated in the Cyprus Republic’s EEZ, south and south-west of the island.