Total to withdraw from Cyprus offshore blocks

摘要

Nicosia—Cyprus’ nascent hydrocarbon industry suffered another blow on Wednesday with news that France’s Total is to withdraw from offshore Blocks 10 and 11 without drilling. The daily Phileleftheros reported Wednesday that Total was willing to take a loss of Eur70 million ($81 million) rather than sink another Eur250 million in drilling two obligatory wells called for in its production sharing contracts with the Cypriot government. Total was awarded the blocks in February 2013.5