On 30 July 2019 local news reported - quoting the minister of energy Georgios Lakkotrypis - that the Council of Ministers of Cyprus had approved on 29 July 2019 the licensing of the Block 7 offshore southwestern Cyprus to the consortium of TOTAL E&P Cyprus BV and Eni Cyprus Ltd. The Cypriot government had received the application from the consortium on 26 November 2018. It had opened an exceptional bidding procedure for the block on 3 October due to âvery specific geological reasonsâ related to the Calypso 1 gas discovery made by the consortium of Eni and Total in the adjacent Block 6 in February 2018.    Block 7 covers 4,555 sq km to the southwest of the island at water depths between 786 m and 2,703 m. Contract terms in Cyprus provide for an initial three-year exploration period with two two-year renewals. At least a 25% relinquishment of the original license area is mandatory upon each renewal. In case of a discovery, the operator has the right to be awarded an exploitation concession. An exploitation concession is granted for a period of up to 25 years with an option for one renewal of ten years.    It is assumed TOTAL E&P Cyprus BV will be the operator with 50% interests in the permit and Eni Cyprus Ltd a partner with the remaining 50%.
Cyprus (Eratosthenes Carbonate Platform) Calypso 1