Total unlikely to stay

The possibility of coming to an arrangement with oil giant Total was unlikely, Energy Minister Giorgos Lakkotrypis said on Thursday, a day after it was reported that the company could abandon a search for oil and gas off Cyprus after failing to find tangible evidence of reserves.

“The possibility of coming to an arrangement at this moment is remote,” Lakkotrypis said after briefing House President Yiannakis Omirou.

“We’ve had numerous discussions since September about this; we’ll see what happens next. But I must emphasize that anything that can be done must be within the framework of the law, the rules, and in the interest of the state,” he said.

Earlier on Thursday, Total said it was discussing a potential programme of additional exploration work off the island’s coast after striking out in Blocks 10 and 11.

“Total recently completed its geological, geochemical and geophysical surveys on Blocks 10 and 11, without recognizing any potential drilling targets,” Total told the Cyprus News Agency. “Total is currently discussing with local authorities a potential program of additional exploration works in the area.”

Lakkotrypis reiterated that the reasons for Total’s possible departure were technical and financial.

“We should not be disappointed. These developments are the rule, not the exception,” he said.

But he also struck a note of caution: “On the other hand, we should not have excessive expectations.”

Expectations should be based on data extracted from geological surveys, drilling, or seismic research, he said.

link