NICOSIA, Cyprus (AP) 鈥� Energy companies from Persian Gulf states have expressed interest in searching for natural gas off the southern coast of Cyprus, President Nikos Christodoulides said Friday.
Speaking at an energy conference in Nicosia, he said Cypriot authorities are in early talks with several unidentified companies regarding exploration licenses for some of Cyprus鈥� 13 areas, or blocks, inside an exclusive economic zone.
Those talks involve potential partnerships with Italy鈥檚 Eni, France's Total, and Chevron, which already hold exploration licenses for 10 blocks.
ExxonMobil and partners Qatar Energy hold concessions in two blocks, partners with Shell for one, while a consortium comprising Eni and Total have seven.
鈥淲e encourage the involvement of other companies as well, other energy giants,鈥� Christodoulides said. 鈥淚t鈥檚 a vote of confidence for the potential of Cyprus鈥� exclusive economic zone, but there are many other political and diplomatic dimensions.鈥�
At least five natural gas deposits have been discovered inside Cypriot waters 鈥� , one by ExxonMobil and another by Chevron, which is estimated to hold some 4.2 trillion cubic feet of gas.
Christodoulides said a development plan for one of the Eni-Total gas fields, which is estimated to hold 2.5 trillion cubic feet of gas, is expected to be completed 鈥渟oon.鈥�
Regarding work currently underway to complete a 1.9 billion euros ($2.1 billion) linking Cyprus with Greece, Christodoulides said Cypriot authorities are in talks with the United Arab Emirates over joint investment.
The 1,000 MW cable, which has received 657 million euros ($694 million) of funding from the European Union, aims to cut Cyprus鈥� electricity costs and end its energy isolation.
Christodoulides said EU backing for the project is in line with the bloc鈥檚 aim to achieve energy price parity in all member states by 2030.
Menelaos Hadjicostis, The Associated Press
