Cyprus Shortlist Due by End of Month

Cyprus will narrow down a long-list of 15 gas and oil concession bidders by the end of this month, to decide which companies will enter negotiations to win 9 offered concessions.

Speaking to Reuters news agency, Minister for Commerce and Industry, Neoclis Sylikiotis, said that state-appointed consultants would review the bids and supply a report back to the government on the candidates.

"That will be submitted to the cabinet which will decide which companies negotiations are to start with," Reuters reports the minister as saying.

The nine available concessions are currently being offered for offshore areas of Cyprus, in Cyprus' Exclusive Economic Zone (EEZ), which has already proven highly positive for gas reserves. 

Late last year, American company Noble Energy confirmed that it had hit gas at the Block 12 concession, located in the Aphrodite gas field, in Cypriot waters. The company estimates that there are reserves of between 5 and 8 trillion cubic feet (with gross mean resources of 7 trillion cubic feet), a find thought to be worth about €100 billion. 

Bidders in this current round of licensing include Italian company Eni, Russian company Novatek and French supermajor Total, Reuters reports.