The contracts were signed at the energy ministry by Energy Minister Giorgos Lakkotrypis in Nicosia with representatives of the two companies in the presences of the ambassadors of France and Italy.
In July the cabinet announced that the Total-Eni consortium had been granted a licence for exploratory drillings in block 7. Total was also granted a licence for blocks 2, 3, 8 and 9 where ENI is already a licensee.
For the block 7 licence, the two companies have a share of 50 per cent each. In addition, Total will receive from ENI a share of 20 per cent for blocks 2 and 9, and 30 per cent for block 3, and 40 per cent for block 8.
With the new contracts, Eni remains the major stakeholder in 2, 3 and 9 with a 60 per cent stake in block 2, a 50 per cent stake in block 3 and a 60 per cent in block 9. Total now owns 20 per cent, 30 per cent and 20 per cent respectively in the same blocks, while Kogas continues to hold 20 per cent in each.
At the time it approved the additional licences, the cabinet also granted 12-month extensions for blocks 2, 3, 9, 8 and 11.