Cyprus has finalized its selection for oil and has majors that would be awarded with the three oil and gas licenses to carry out exploration in the Mediterranean
Coming ahead of the OPEC meeting in Vienna on November 30 with non OPEC members resulting in a positive outcome, it would not be wrong to state that energy super majors are back to square one. Pushing forth long delayed projects and ramping up their exploration and production plans, oil and gas companies are doing what the slight price rally allows them to.
As per the latest updates by Reuters, Cyprus has finalized its selection for oil and has majors that would be awarded with the three oil and gas licenses to carry out exploration in the Mediterranean. The companies include Eni SpA (ADR) (NYSE:E), Exxon Mobil Corporation (NYSE:XOM) and Total SA (ADR) (NYSE:TOT). While mentioning this update, it shall be noted that Italy based Eni SpA has made the largest gas discovery in the past ten years.
Not only has Eni been granted with a license to operate an exploration block along with French energy company Total, but the Italian oil producer has also been awarded with a separate exploration block. Apart from this, the third exploration block went to U.S oil producer Exxon Mobil that would operate it along with Qatar Petroleum.
Other bidders for the exploration licenses include Norway based Statoil SA (ADR) (NYSE:STO), Delek, Cairn and Avner. However, all of them failed to succeed.
Coming ahead of Eni’s discovery of the massive Zohr field in Egypt, 10% stake of which being recently acquired by BP plc (ADR) (NYSE:BP), exploration in the Mediterranean’s Levant basin has become quite appealing. Containing 850 billion cubic metres of gas, the Zohr field happens to be the largest gas discovery of the decade.