Total (Paris:FP) (LSE:TTA) (NYSE:TOT) announces that it has signed two production sharing contracts (PSCs), for Blocks 10 and 11, with the Republic of Cyprus. The PSCs were awarded as part of the second offshore exploration licensing round, launched by the Cypriot government in 2012.
The licenses extend over 2,572 square kilometers and 2,958 square kilometers respectively, southwest of Cyprus, in water depths ranging from 1,000 to 2,500 meters.
The exploration program will begin with 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,” commented Arnaud Breuillac, Senior Vice President, Middle East at Total Exploration & Production. “This acreage acquisition is aligned with Total’s ambitious exploration strategy focused on new acreage and plays.”
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