An international consortium, including Korea Gas Corp., or KOGAS, signed a joint exploration and production contact with the Cyprus government to search for gas in three offshore blocks, KOGAS said.
“The consortium is composed of KOGAS and Italy’s ENI. KOGAS secures a 20 percent stake in the consortium, while ENI holds the remaining 80 percent stake,” a KOGAS official said Friday.
“Operations for gas search on blocks 2, 3, 9 off the east Mediterranean island will be led by ENI for the next three years and KOGAS will be responsible for budget execution and auditing.”
If natural gas is found in three blocks, KOGAS will secure rights for 20 percent of total reserves. Cyprus, located in the resource-rich Levant Basin, reported its first natural gas finding in December 2011.