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23 January, 2015The French Company Total, which is licensed to search for oil and natural gas in the 10th and 11th parcels in the so-called Exclusive Economic Zone of South Cyprus, has decided to give up its rights to conduct exploration, citing the excuse that “there are no geologic layers.”
In the news published under the headline “Total is leaving the 10th and 11thParcels”, Greek Cypriot Fileleftheros newspaper wrote that the French Total Company has decided to give up its rights for usage in the 10th and 11th parcels, and that the Company has indirectly conveyed its decision to the Greek Cypriot government.
The newspaper also reported that Total has been raising the issue for several weeks, stating that “there are no geologic layers for drilling” and after conducting studies for depth, seismic analysis and other scientific phenomena, the Company detected that there are no commercial interests in the said layers under the present conditions.