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Cyprus News Agency: News in English, 12-05-11

Cyprus News Agency: News in English Directory - Previous Article - Next Article

From: The Cyprus News Agency at <>


  • [01] Strong interest in 2nd licensing round

  • [01] Strong interest in 2nd licensing round

    Fifteen bids from five companies and 10 from joint ventures have been submitted for the second licensing round concerning the Republic of Cyprus' offshore hydrocarbon reserves.

    Bids were submitted for 9 of the 12 offshore blocks, comprising the Cypriot Exclusive Economic Zone (EEZ).

    Announcing the end of the bidding process, at 14.00 local time (110 GMT), Minister of Commerce, Industry and Tourism Neoclis Sylikiotis said Cyprus received bids from 29 companies, which placed their offers either individually or as part of a consortium.

    Companies expressing interest in the second licensing round originate from 15 countries, including Cyprus. The rest of the countries are the UK, France, USA, Israel, Holland, Korea, Russia, Malaysia, Italy, Australia, Norway, Indonesia and Lebanon. Offshore blocks receiving the greatest interest are block number 9 and block number 2.

    According to the Minister, bids will be evaluated by an advisory committee, which will submit its recommendations to him. The final decision will be taken by the Cabinet within six months.

    During his speech, Sylikiotis noted that the results of the bidding process "have surpassed our expectations", adding that the second bidding round is a very important moment, creating prospects for prosperity, progress and peace for Cyprus, its people and the people of neighboring countries.

    He thanked all companies which expressed an interest, noting that this signifies trust and respect for the Republic of Cyprus and the fair procedures which are in place.

    He assured all present that the licensing process will be completed "in full transparency" and by strictly applying existing legislation and EU provisions.

    Sylikiotis also noted that the present stage in Cyprus' offshore hydrocarbon exploration activities is the result of decisions and action taken by three consecutive governments of the Republic of Cyprus, taking note of the previous administrations of President Glafcos Clerides and of the late Tassos Papadopoulos, as well as of the current administration of President Demetris Christofias.

    Present during the ceremony were the members of the Ministerial Committee for hydrocarbons, the Advisory Committee and the Group of Experts, ex Commerce Minister Antonis Paschalides, the Chairman of the House Committee on Commerce, as well as representatives of the bidding companies and other officials and technocrats.

    Companies placing their bids are: 1. «Petra Petroleum Inc» from Canada 2. A consortium by «ATP East Med Number 2 B.V.» from the US, «Naphtha Israel Petroleum Corp. Ltd», «DOR Chemicals Ltd» and «Modiin Energy Limited Partnership» from Israel 3. «Total E&P Activities Petrolieres» from France 4. A consortium by «Total E&P Activities Petrolieres (operator)», «NOVATEC Overseas Exploration & Production GMbH» and «GPB Global Resources BV» from Russia 5. A consortium by «Premier Oil (Operator)» and «VITOL» from the UK 6. A consortium by «Premier Oil (Operator)», «VITOL» and «Petronas» from Malaysia. 7. A consortium by «Edison International S.p.A. (operator)» from Italy, «Delek Drilling Ltd Partnership» and «Avner Oil Exploration Ltd Partnership» from Israel, «Enel Trade S.p.A.» from Italy and «Woodside Energy Holdings PTY Ltd» from Australia. 8. A consortium by «ENI» from Italy and «KOGAS» from Korea 9. A consortium by «C.O. Cyprus Opportunity Energy Public Company Ltd» from Norway and «AGR Energy AS (Operator)» from Israel 10. A consortium by «Oak Delta NG Exploration Joint Venture» from the US and israel 11. A consortium by «Capricorn Oil» from the UK, «Marathon Oil» from the US, «Orange NASSAU Energie» from Holland and «CC Energie S.A.L» from Lebanon 12. «Winevia Holdings Ltd» from Cyprus 13. «RX-DRILL ENERGY CYPRUS LTD» from Cyprus 14. The consortium «PT Energi Mega Persada Tdk & Frastico Holdings Ltd» from Canada, Indonesia and Cyprus 15. «Emannuelle Geoglobal Rosario» from Israel

    Cyprus has signed an agreement to delineate the Exclusive Economic Zone with Egypt and Israel with a view to exploit any possible natural gas and oil reserves in its EEZ. A similar agreement has been signed with Lebanon but the Lebanese Parliament has not yet ratified it.

    The first licensing round, concluded in 2007, resulted in granting concessions to Houston-based "Noble Energy" for exploratory drilling in Cyprus' EEZ block 12. Noble started drilling on September 2011 and the initial data that emerged from the exploratory drilling and the evaluation checks carried out, indicate the existence of a natural gas reservoir ranging from 5 to 8 trillion cubic feet (tcf) with a gross mean of 7 tcf.

    The government approved on November 23, 2011 the launch of a second licensing round for the remaining 12 offshore blocks, a decision published at the EU Official Journal on February 11, 2012 and expired today, after a three-month bidding period.

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