Cyprus Opens Second Licensing Round
Cyprus has officially launched second offshore licensing round, with 12 blocks on offer off its southern coast.
The announcement published on February 11th in the European Union’s official journal and subsequently Cypriot Commerce Ministry’s website Monday invites applications for 12 of 13 blocks in the island’s 19,700 square mile (51,000 square kilometer) exclusive economic zone off its southern coast.
Interest in the licencing will be spurred by the discovery by Texas-based Noble Energy of gas resources in Block-12 amounting to between 5 and 8 trillion cubic feet (Tcf) of gas.
An initial licensing round in 2007 generated interest only from Noble Energy, which began exploratory drilling in Block 12 last year.
Contrast that to the current situation, where the positive findings have prompted the interest of upwards of 40 international energy companies to compete for the remaining 12 offshore blocks in Cyprus' exclusive economic zone.
Gazprom, Exxon Mobil, and Total are amongst the multinationals that were already reported to be in informal talks with Cypriot officials.