Drilling - Offshore Cyprus
As 2016 has progressed past the mid-way point, Subsurface Global have noticed a slight improvement in terms of recruitment globally. There have been opportunities in the UK and the Middle East to provide high level consultants and make placements with our key clients. Albeit not to the same levels as we have done pre-downturn.
The need for consistent new business development is key for a service company like ours to remain competitive and we are always looking for the next opportunity or region that will provide opportunities for our consultants and candidates. That is why it was interesting and exciting to read the announcements this week from the Cypriot government regarding its recent licensing round.
The Cypriot government announced this week that several major E&P Companies have applied for licenses to perform exploration drilling offshore Cyprus, specifically the waters off the southern coast.
The Cypriot government reported last Wednesday that ExxonMobil and Qatar Petroleum where among eight companies that are seeking to drill in blocks off the island as part of the third licensing round.
Total and Eni have formed a partnership to apply jointly for blocks 6 and 10 while Eni is seeking a sole operator license for block 8. This block is also of interest to the UK’s Cairn Energy and other operators from the Middle East.
Such high and varied interest during this licensing round may be in part due to the recent success of Noble Energy, who have extensive experience in the region and have discovered a gas field off Cyprus, estimated to contain more than four trillion cubic feet in reserves.
This has coupled with a recent discovery by Eni of a gas field in nearby Egyptian waters. This has been touted as the largest ever gas find in the Mediterranean Sea, and has fueled interest in the belief that similar discoveries could be found in Cypriot waters.
Eni’s Chief Executive, Claudio Descalzi, said this month that exploratory drilling inside Cypriot waters, where the company is already licensed to do so, will begin next year.
Over the past two years E&P Operators have been hesitant to invest in new blocks and licenses, especially in regions where they have had limited experience. Therefore, it is exciting to see the number of midsized and large operators participating in this licensing round.
Subsurface Global have always looked to support new exploration campaigns where we can and will be keeping a close eye on developments in Cyprus, with a view to providing increased opportunities for our consultants and candidates.
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