Greek Cypriot Administration halts gas exploration in 3 blocks after unsuccessful results

ATHENS

The Greek Cypriot Administration has halted its gas exploration efforts in three blocks south and southeast of the island after unsuccessful results, according to local media.

“In blocks 2 and 9, where surveys and exploration were completed, nothing came up that would promise natural gas, so we didn’t renew (the licenses). The same goes for block 3,” George Papanastasiou, the Greek Cypriot Administration energy minister, told CNA, the Cyprus News Agency.

He maintained that non-renewal was a natural development as not all offshore blocks can be expected to hold gas reserves.

The development marks the departure of Kogas, the South Korean company that held 20% of the rights in the consortium with Italian energy giant ENI in these three blocks.

The licenses for blocks 2, 3 and 9 had been granted in January 2013. Later, French energy company Total joined the consortium of ENI and Kogas.