Cairn, Petra, Marathon Bid for Cyprus' Licences

Canadian explorer Petra Petroleum, Scotland's Cairn Energy and American-based Marathon Oil have all been revealed as bidders in Cyprus's second licensing round.

Petra Petroleum said today that it had submitted a number of licence applications in the second round, applying as the sole licence holder in each bid. The company says it has identified and is bidding for an unspecified number of "high-potential exploration blocks" in the Eastern Mediterranean Sea. These blocks are located to both the south and west of the country.

 "We are delighted to have submitted these applications in the proven prospective area of the Eastern Mediterranean Sea in the vicinity of recent giant gas discoveries by Noble Energy," President and CEO of Petra, Robert Lambert, said.

"These applications are the initial steps in the implementation of our high impact exploration strategy in the Mediterranean/North Africa region. We will now work hard to turn these applications into licence awards."

Cairn Energy also revealed yesterday that it had teamed up with Marathon Oil to bid as a joint venture for exploration rights in the country. Each company will hold a 40 per cent stake each in any licences acquired. CC Energy and Oranje-Nassau Energie will hold the remaining two stakes at 10 per cent each.

The licence application was submitted on the 11th of May this year, with a decision expected to be reached by the end of 2012.