Eni and Kogas win three Cyprus blocks in Levantine basin

By Nassir Shirkhani

 31 January 2013 23:59 GMT

Italy’s Eni and partner Korea’s Kogas have won three blocks off Cyprus, giving a significant boost to the divided Mediterranean island’s efforts to increase its gas reserves despite objections from neighbouring Turkey, writes Nassir Shirkhani.

France’s Total is also poised to pick up two similar blocks, according to Cypriot Minister of Commerce & Industry Neoclis Sylikiotis. Eni and Kogas signed exploration and production sharing contracts with the Cypriot Ministry of Commerce & Industry for blocks 2, 3 and 9 in the deep offshore portion of the Levantine basin.

The acreage covers an area of about 12,500 square kilometres. Eni will be operator with an 80% stake. “This result is of significant importance for the consolidation of Eni’s position in the Mediterranean region, which is a strategic area…

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