Total’s Cyprus deal ‘due Wednesday’

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News Wires

 05 February 2013 17:37 GMT

Total will on Wednesday sign a deal with Cyprus for control of two offshore blocks in the nascent East Mediterranean hydrocarbons province, according to a report.

The French supermajor has recently been linked with a deal to net acreage off Cyprus.

Reuters quoted Cypriot government spokesman Stefanos Stefanou as saying on Tuesday that the deal will be signed off on Wednesday after the cabinet approved terms of the production sharing contract with the oil giant.

"With this agreement, the total number of blocks under licence comes to five," the news wire quoted Stefanos as saying.

At the end of January, 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…

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