Yiorgos Lakkotrypis

An official of French energy giant Total said on Monday that the company wants to expand its search for gas off the south coast of Cyprus.

A high-ranking official with Total says the French energy company is looking to expand its search for natural gas off Cyprus's south coast.

President Nicos Anastasiades said Thursday during the swearing-in ceremony of his new cabinet that he made his selection on grounds of meritocracy.

Italy, Greece, Cyprus and Israel agreed on Tuesday to back the construction of a gas pipeline from newly discovered fields in the eastern Mediterranean to Europe.

The project, known as East Med, involves a 2,000 km long pipeline to channel offshore reserves in the Levantine Basin in the far east corner of the Mediterranean to Greece and Italy, at a cost of up to 6 billion euros.

Cyprus will have a clear picture of its subsea natural resources by the end of next year during which four or five drills are expected according to Energy Minister Yiorgos Lakkotrypis.

Speaking to the House Finance committee on Monday Lakkotrypis informed the MPs that the government is currently waiting to be informed by Italian energy giant ENI on its planned drilling dates.

Cyprus said Tuesday that a small gas deposit discovered off its southern coast was not enough to make it commercially viable, but added it was an encouraging sign given that the area's geological profile was similar to the one in neighboring Egypt where a huge discovery was made.

France?s Total is close to extending an offshore natural gas exploration program in Cyprus after coming up empty in prior surveys, the island?s energy minister said on Monday.

France's Total is close to extending an offshore natural gas exploration program in Greek Cyprus after coming up empty in prior surveys, the energy minister said on late March 9.

By Michele Kambas

French energy company Total is likely to abandon a search for oil and gas off Cyprus after failing to find tangible evidence of reserves, dealing a blow to the island's hopes of a natural resource bonanza after a painful bailout in 2013.

Energy ministers of Greece, Cyprus and Israel will hold talks with the EU next week to try to advance a plan for a pipeline linking newly-discovered gas riches in the eastern Mediterranean to Europe, Cyprus's energy minister has said.