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Friday, November 8, 2013
Cyprus is picking up the LNG gauntlet under a MoU signed with France’s Total. The MoU has the two companies studying the feasibility of participating in an LNG project on the island.
Total’s subsidiary Total E&P Cyprus received a concession to explore for hydrocarbons in two areas offshore in February.
The MoU is aimed at the monetization of potential gas reserves on Blocks 10 and 11, through a variety of options, giving priority to liquefaction and LNG export to European and Asian markets, according to a statement issued by Cypriot authorities.
Energy officials estimate work could tentatively start in 2016 to facilitate exports by around 2020.
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