Total has joined the growing band of majors focusing their attention on the emerging deepwater Mediterranean Sea, signing two Production Sharing Contracts (PSCs) for acreage offshore the Republic of Cyprus.
The French operator signed the PSC deals for Blocks 10 and 11, which were awarded as part of the country’s second offshore licensing round, launched by the Cypriot government last year.
The licences cover 2,572 sq km and 2,958 sq km respectively, southwest of Cyprus, in water depths ranging from 1,000-2,500 m (3,281-8,202 ft). The exploration program will begin with the shooting of seismic surveys.
“We are delighted with this new exploration acreage, where we will be conducting an extensive seismic program, shooting 3D seismic on Block 11 and 2D seismic on Block 10. Each block is targeting a different play,” said Arnaud Breuillac, Senior Vice President, Middle East at Total E&P. “This acreage acquisition is aligned with Total’s ambitious exploration strategy focused on new acreage and plays.”
- Italy’s Eni won three blocks (2, 3 and 9) in the same licensing round, in the deepwater Levantine Basin (see DI, 4 February 2013, page 5).
Recommended Reading
Darbonne: The ESG Sword: BlackRock's Life, Death by ESG
2024-04-17 - BlackRock, the $10 trillion investment manager, is getting heat for too much ESG investing, while shareholders are complaining it’s doing too little.
SEC Adopts Climate Disclosure Rules in 3-2 Vote
2024-03-06 - The regulation requires companies to disclose Scope 1 and 2 emissions, weather-related risks and other climate-related data that could have a material business impact.
MethaneSAT: EDF’s Eye in the Sky Targets E&P Emissions
2024-03-07 - The Environmental Defense Fund and Harvard University recently launched MethaneSAT, a satellite tracking methane emissions. The project’s primary target: oil and gas operators.
Keeping it Tight: Diversified Energy Clamps Down on Methane Emissions
2024-04-24 - Diversified Energy wants to educate on emission reduction successes while debunking junk science.
Qnergy Tackles Methane Venting Emissions
2024-03-13 - Pneumatic controllers, powered by natural gas, account for a large part of the oil and gas industry’s methane emissions. Compressed air can change that, experts say.