Eni confirms Cyprus awards

Controversial move: Eni and Kogas are signing up for acreage off Cyprus

related stories

Steve Marshall ,

News Wires

 24 January 2013 08:37 GMT

Eni has confirmed the award of three blocks off Cyprus to mark its entry into the east Mediterranean island’s prospective – but controversial – offshore play.

The tracts – blocks 2, 3 and 9 – were formally awarded on Thursday to a consortium led by the Italian giant with an operated stake of 80% with South Korean partner Kogas on 20%, Eni said in a statement.

The blocks cover a total area of 12,530 square kilometres in the deep portion of the resource-rich but largely untapped Levantine basin, where neighbouring Israel has reported some of the world's largest natural gas finds of the past decade.

The island state is looking to exploit potentially abundant offshore resources after US explorer…

Become an Upstream member!

Membership includes a subscription to our weekly newspaper providing in-depth news from the energy industry, plus full-access to this site and its archives. Still not convinced? Try our free trial.

Already a member?

Login

Upstream share price index