The Greek Cypriot Administration has halted its gas exploration efforts in three blocks south and southeast of the island after unsuccessful results, according to local media.
“In blocks 2 and 9, where surveys and exploration were completed, nothing came up that would promise natural gas, so we didn’t renew (the licenses). The same goes for block 3,� George Papanastasiou, the Greek Cypriot Administration energy minister, told CNA, the Cyprus News Agency.
He maintained that non-renewal was a natural development as not all offshore blocks can be expected to hold gas reserves.
The development marks the departure of Kogas, the South Korean company that held 20% of the rights in the consortium with Italian energy giant ENI in these three blocks.
The licenses for blocks 2, 3 and 9 had been granted in January 2013. Later, French energy company Total joined the consortium of ENI and Kogas.
By Ahmet Gencturk in Athens
Anadolu Agency