Cyprus – Total to sign agreement next week, says Energy Minister

Cyprus – Total to sign agreement next week, says Energy Minister

The Cabinet has given the green light for the signing of an agreement between the Republic of Cyprus and French energy giant Total, allowing the company to extend its explorations off Cyprus until 2016, Energy Minister Yiorgos Lakkotrypis said Wednesday.

In January he announced that Total was not able to locate drilling target areas within the blocks 10 and 11 in Cyprus` Exclusive Economic Zone that it has been licensed to explore. Total said it was discussing with local authorities a potential programme of additional exploration works in the area.

“We will have a renewed agreement with TOTAL. The Cabinet approved today a change of the agreement with the company, which will enable them to continue their exploration program to better assess potential energy resources in block 11. After this agreement Total will continue working at least until February 2016” Lakkotrypis, in New York, told the Cyprus News Agency on Wednesday.

Later on Wednesday Lakkotrypis will be the keynote speaker at the Business Forum jointly organized in New York by the Ministry of Commerce, the Cyprus Chamber of Commerce and Industry, the Cyprus Investment Promotion Agency. A reception will follow hosted by the Cyprus-US Chamber of Commerce in honour of the Minister.