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Cyprus to launch oil and gas exploration bids

Cyprus to launch oil and gas exploration bids

Cyprus will launch an international tender next month for offshore oil and gas exploration rights, a senior government official said Thursday.
"The first bidding phase starts Feb. 15 and ends on July 16," 2007, Trade and Industry Minister Antonis Michaelides said. Evaluation of applications will take place in the ensuing six-month period.
The first round of hydrocarbon exploration licensing involves 11 offshore blocks totaling around 60,000 square kilometers (23,000 square miles).
Norwegian company PGS Geophysical AS has already completed a two-dimensional seismic survey of the area _ covering some 70,000 square kilometers (27,000 square miles) to the south, southwest and southeast of Cyprus.
Michaelides said the seismic survey has yielded "encouraging" indications so far.
Last year Egypt and Cyprus agreed to jointly exploit potential oil and gas fields straddling the median line between the two countries.
Cyprus also signed an agreement with Lebanon last week for the delineation of an undersea border in order to facilitate future oil and gas exploration between the two east Mediterranean countries.


Updated : 2021-05-14 18:43 GMT+08:00