The Two Nations Racing To Host The Next Oil And Gas Rush

29 Dec 2016   Cyprus, Egypt

Bit of a quiet week for major resource news. But several small items are suggesting some potentially explosive developments coming over the next several months. One of those comes in a place I’ve been watching closely the past year: the tiny Mediterranean island of Cyprus . Which this past week announced the winning bidders for an offshore licensing round — handing out acreage that could be prospective for some of the world’s largest natural gas targets. Cyprus’s Ministry of Energy, Commerce, Industry, and Tourism said it has awarded three offshore blocks — one to Italy’s Eni, one to an Eni/Total partnership, and the other to ExxonMobil and Qatar Petroleum. That’s big news because these licenses lie just kilometers away from Egyptian waters where Eni discovered the 30 trillion-cubic feet Zohr natural gas field — one of the biggest petro-finds in recent history. Eni and a slate of fellow majors […]

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