Loading...
Home  |  Related Articles  |  Total readies drills in Cyprus, Egypt in regional growth push

Related Articles

Total readies drills in Cyprus, Egypt in regional growth push

 

"Obviously the Zohr discovery has changed the landscape," Stephane Michel, who took over as Total's President for Exploration and Production in the Middle East and North Africa (MENA) region in 2014, told Reuters on Thursday.

"It is clear that the decision to drill block 11 was taken on the basis of the Zohr discovery," Michel said, adding that preparations were in the final stages but there was no date yet when drilling would begin.

Block 11 shares a boundary in the south with Zohr, and IHS Markit analysts said that Total's well will be "one of the most critical wells drilled globally in 2017". IHS said ENI has drilled five wells in Zohr.

Total, which has not made a major oil discovery in several years despite pouring about $10 billion in its "high-risk, high-reward" strategy launched in 2011, will also drill a well onshore in Egypt this year.

Drilling in block 2 in onshore Egypt, a 50/50 partnership with BP (BP.L), will start as soon as a rig currently being used by BP on another block is available, Michel said.

For the rest of the Middle East, Total will rely on forming partnerships through discovered resources opportunities (DRO) to continue to have access to reserves as it has done in Abu Dhabi with the ADCO deal in 2015, or the Al Shaheen deal in Qatar and South Pars in Iran in 2016.

Total's oil and gas production for the region will grow in 2017, Michel said, as it prepares to take over operations in Al Shaheen in July, and as Libyan fields return to work.

The French company won a 30 percent stake in a new 25-year contract to operate Qatar's largest offshore oilfield in June and plans to invest about $2 billion developing it.

In Libya where it is not a direct operator, political signals are mixed, while a restart in the oil and gas sector remains fragile, Michel said.

"It will be some months before we can say we are out of the crisis. But we are glad to see Al Sharara back and we trust the restart is a sustainable one."

(Editing by Andrew Callus and Alexander Smith)

 

source: http://uk.reuters.com/article/uk-total-exploration-interview-idUKKBN15325N

 

Latest Articles
The Cyprus Investment Programme And The Benefits

The Cyprus Investment Programme And The Benefits

The Cyprus Investment Programme And The Benefits read more
Hong Kong crisis could pave the way for investments in Cyprus

Hong Kong crisis could pave the way for investments in Cyprus

Hong Kong crisis could pave the way for investments in Cyprus read more
Cyprus to abolish ship registration fees to boost registry

Cyprus to abolish ship registration fees to boost registry

Cyprus to abolish ship registration fees to boost registry read more
Cyprus receives intense international interest for gas supply tender

Cyprus receives intense international interest for gas supply tender

Cyprus receives intense international interest for gas supply tender read more
Total assets of investment funds up by 4% in the 2nd quarter

Total assets of investment funds up by 4% in the 2nd quarter

Total assets of investment funds up by 4% in the 2nd quarter read more
Chinese investors in €30 million property deal

Chinese investors in €30 million property deal

Chinese investors in €30 million property deal  read more
Discount village to supplement Nicosia Mall

Discount village to supplement Nicosia Mall

Discount village to supplement Nicosia Mall read more
Cyprus real estate sector looking up

Cyprus real estate sector looking up

Cyprus’ real estate sector is continuing to thrive, building on the upward trend of previous years, ... read more
Fund management industry is booming in Cyprus

Fund management industry is booming in Cyprus

The fund management sector is becoming a key part of Cyprus economy as that industry shows significant ... read more
By end of 2018, Cyprus will have recovered lost economic ground, Georgiades says

By end of 2018, Cyprus will have recovered lost economic ground, Georgiades says

By the end of 2018, the Cyprus economy will have grown by 16 per cent of GDP, which more than covers ... read more
EC forecasts strong economic growth set to continue

EC forecasts strong economic growth set to continue

The Cypriot economy is expected to maintain its strong growth rates in the next couple of years though ... read more
Cabinet Approves Start-Up Scheme to Attract Foreign Investment

Cabinet Approves Start-Up Scheme to Attract Foreign Investment

A scheme aimed at attracting foreign investment to Cyprus through third-country – i.e. non-European ... read more
CYPRUS: Growth seen at 3.1% in 2017, above 2.9% in 2016, says UCy

CYPRUS: Growth seen at 3.1% in 2017, above 2.9% in 2016, says UCy

Economic growth is expected to continue this year and real GDP is projected to increase by 3.1%, up ... read more
Cypriot passport ranks 13th on global power scale

Cypriot passport ranks 13th on global power scale

The Cypriot passport ranks among the strongest in the world, as holders are able to travel to 146 countries ... read more
It’s not only the flamingos, Larnaca has highest percentage of return visitors

It’s not only the flamingos, Larnaca has highest percentage of return visitors

Larnaca has the highest percentage of return visitors of all coastal cities in Cyprus with 60 per cent ... read more
CYPRUS: Gov’t committed to prudent fiscal discipline

CYPRUS: Gov’t committed to prudent fiscal discipline

Finance Minister Harris Georgiades told his counterparts during a Eurogroup meeting in Brussels on 2017 ... read more
Cyprus Wins Silver Award in

Cyprus Wins Silver Award in

Best Destination for Responsible Tourism live in and better places for people to visit. Whether a village, ... read more
Business Climate Improves in Cyprus:

Business Climate Improves in Cyprus:

The World Bank's 2016 "Doing Business Report" lists Cyprus amongst ten countries with improving economies, ... read more
Convincing comeback for Bank of Cyprus
AUDIT SERVICES

Convincing comeback for Bank of Cyprus

* Lender sells first internationally placed bond since 2007   * Follows bail-in of senior and sub ... read more
Top Reasons to Invest in Cyprus
TAX SERVICES: INDIVIDUAL

Top Reasons to Invest in Cyprus

    read more
CYPRUS: CIPA promotes alternative investment destination after Brexit

CYPRUS: CIPA promotes alternative investment destination after Brexit

Cyprus can play a significant role as a base for regional offices or headquarters of international ... read more