Greek Cyprus to auction gas exploration blocks

NICOSIA - Agence France-Presse

Greek Cyprus is reportedly in talks with Italian-South Korean venture ENI-KOGAS on licensing two offshore exploration blocks. AFP photo

Greek Cyprus has entered talks with Italian-South Korean venture ENI-KOGAS on licensing two offshore exploration blocks, state media said, as the recession-hit island steps up its search for gas reserves.

The cabinet reportedly gave the green light for the negotiations on blocks 5 and 6 to begin, with a December 2 deadline ready to be extended. Government spokesman Victoras Papadopoulos confirmed ministers had discussed the issue but told reporters there was “nothing to announce publicly.”

Earlier this year, ENI-KOGAS secured permits to exploit possible hydrocarbon deposits in blocks 2, 3 and 9. The venture plans to start drilling in the third quarter of 2014.