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Energy giant Total plans to carry out its first exploratory drilling for hydrocarbons offshore Cyprus around April next year. Total E&P Cyprus and EDT offshore, an oil and gas services company, signed a contract where the latter will provide the former onshore logistics services out of the port of Limassol supporting Total’s drilling programme.
Speaking at the signing ceremony, Yves Grosjean, country manager for Total E&P Cyprus, said the company was looking at an April 2017 timeframe for its first well.
The ceremony took place in the presence of Ministers of Energy and Transport Yiorgos Lakkotrypis and Marios Demetriades respectively.
However Grosjean warned that the chance for discovery are 25% due to the unknowns associated with such emerging hydrocarbon provinces.“It may take several wells and possibly also several years before an economic discovery is eventually made,” he pointed out. Grosjean said that such a deep water development “would most certainly cost around €5 to €10 billion and would take 5 to 10 years to get off the ground.”
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