Cyprus and French energy company Total have agreed to cooperate on developing a planned natural gas processing facility in the bailed-out country.
In a statement Thursday, they say a facility that will liquefy gas for export to European and Asian markets will be their top priority as they try to turn a profit on any newfound offshore deposits.
Total is licensed to search for gas in two areas, or “blocks,” off Cyprus’ south coast.
Cyprus has already signed a similar deal with US firm Noble Energy and Israel’s Delek and Avner. The three companies are partners in a Cypriot gas field that’s estimated to contain 3.6-6 trillion cubic feet of gas.
Cyprus has also licensed Italy’s ENI and South Korea’s Kogas to search for offshore gas. [AP]