Cyprus Extends Kogas-Eni JV's Offshore Exploration Licence by Two Years

Cyprus has extended Eni-Kogas joint venture’s oil and gas offshore exploration licence by two years, Agence France-Presse (AFP) reported Monday.

The licence was set to expire in February and the joint venture had requested an extension until February 2018, Energy Minister George Lakkotrypis said.

"As the joint venture has stated, more time is necessary in order to re-evaluate the energy potential, especially after developments in the Egyptian EEZ (exclusive economic zone) with the discovery of the Zohr field," AFP quoted the minister as saying.

Earlier this year Eni announced discovery of a giant gas field offshore Egypt. The find has raised hopes that there are more untapped gas resources to be found offshore Cyprus, AFP said.

Eni has the right to exploit three blocks -- two, three and nine -- in Cyprus' exclusive economic zone that borders Egypt's gas fields.

The Eni-Kogas joint venture has not found any exploitable gas reserves in deep-sea drilling off the Mediterranean island.