Cyprus and Total sign memorandum for the LNG project

Cyprus and Total sign memorandum for the LNG project

 

Review by Christos T. Panagopoulos –

The Republic of Cyprus signed a Memorandum of Understanding (MoU) in respect of the Cyprus Liquefied Natural Gas (LNG) Project with Total E&P Cyprus B.V. (Total).

According to an official press release, this follows the award in February to Total of Exploration and Production Sharing Contracts for Blocks 10 and 11 of the Exclusive Economic Zone (EEZ) of the Republic.

The MoU records the support of Total for the monetization of potential natural gas reserves in Blocks 10 and 11 of Cyprus’ EEZ through a variety of options giving priority to liquefaction and LNG export to European and Asian markets.

Source: CNA