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.
鈥淚n blocks 2 and 9, where surveys and exploration were completed, nothing came up that would promise natural gas, so we didn鈥檛 renew (the licenses). The same goes for block 3,鈥� 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
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