Eni and its partner Kogas have had a proposal for a two-year extension for exploration of hydrocarbons in Cyprus’ economic zone approved.
The consortium allows for additional time until 2018 in order to give Eni the chance to revaluate the energy potential from the region.
The extensions are for the blocks in two, three and nine in the economic region.
It is understood ENI has a large team working on geological models of the blocks with reassessment expected by the end of January.
The Cypriot Energy Minister George Lakkotrypis said he expected a new round of drilling to take place in mid-2017.