France's Total signs new oil, gas deal with Cyprus

World News
06-02-2013 | 11:20
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France's Total signs new oil, gas deal with Cyprus
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France's Total signs new oil, gas deal with Cyprus

France's Total SA says it will be looking for both oil and gas deposits offshore Cyprus, with which it officially signed its licensing deal.  
              
Arnaud Breuillac, Total's president for Middle East exploration and production, said the deal, which was announced Tuesday and signed Wednesday, "fits very well" with the company's plans to explore in uncharted territory.                       

The two blocks lie off Cyprus' southern coast, west of a field that holds an estimated 5-8 trillion cubic feet (140-230 billion cubic meters) of gas.                                          

Cypriot Commerce Minister Neoklis Sylikiotis said the companies will drill up to 10 exploratory wells over the next three years.


AP

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