Eni-Total tie up is a move that could pay off10 March 2017
Eni and Total are working closer and closer together offshore Cyprus in a bid to share costs, spread risk and reduce competition. The move may also help Eni take a dominant position in the development of an East Mediterranean gas hub.
Cyprus’s cabinet will sign agreements with IOCs next week allocating offshore acreage as part of its third licensing round. Eni and Total partnered up to bid for blocks 6 and 10. The companies were selected for Block 6, but the partnership lost out on Block 10 to ExxonMobil and Qatar Petroleum, which are newcomers to Cyprus.
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