Cyprus Launches New Bid Round: Will There Be Eni Interest?

25 Mar 2016 Issue: 59 / 12

The August 2015 discovery of the 23 tcf Zohr field by Italian firm Eni just 5km from Cyprus’ Exclusive Economic Zone has spurred Nicosia into announcing a third bid round for acreage believed to possess similar geology to the giant field.

Eni, which operates Blocks 2, 3 and 9 in Cyprus’ offshore, may take interest in a new bid round announced by Nicosia on 24 March in the Official Journal of the European Union. Three deepwater offshore blocks – Blocks 6, 8 and 10 (see map) – are on offer in the island third’s official bid round.

As well as Eni, a consortium of US firm Noble, Israel’s Delek and the UK’s BG, holds Block 12 which has Cyprus’ only gas discovery to date, the 4.2tcf Aphrodite gas field. French firm Total also holds acreage offshore Cyprus, Block 11, and had previously held Block 10 but relinquished it last year when seismic survey data did not indicate the presence of potential hydrocarbon prospects. (CONTINUED - 575 WORDS)