Total has signed an outline deal with Cyprus which will see increased investment in gas export facilities off the Greek island’s coast, according to reports today.
The French multinational is among a number of companies interested in exploring Cyprus’s new found gas potential, which was discovered in 2011, as the country looks to escape financial crisis.
Noble Energy, Delek Drilling and Avner Oil are expected to sign a Memorandum of Understanding regarding the development of a liquefied natural gas (LNG) terminal off Cyprus’s shores.
The cost of the project is estimated at $6billion, but Total is also reported to have signed a preliminary deal on a second LNG production line at an extra $3billion.
The country hopes to start construction on the terminal within three years, and to begin exports in 2020, with the majority of exports headed for Eastern markets.