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Cyprus Launches 2nd Hydrocarbon Licensing Round

Cyprus` Council of Ministers authorised the Minister of Commerce, Industry and Tourism Praxoulla Anotoniadou to proceed with all necessary actions for the launching of the second hydrocarbons licensing round offshore Cyprus, Government Spokesman Stephanos Stephanou announced on Wednesday.
“With this decision, the government stresses once more its determination to exercise its sovereign rights in the Republic of Cyprus` Exclusive Economic Zone (EEZ), in accordance with the international law,“ Stephanou said.
The Spokesman said the second licensing round will cover the remaining offshore blocks of Cyprus` EEZ, apart from block 12 the license for which has been granted to Houston-based Noble in 2008.
Replying to questions, Stephanou noted that according to EU directives, the invitation will be published in the Official Journal of the European Union, which will take one and a half months, whereas the process will allow three months for the submission of applications, to be evaluated by a consultation committee, which will draft a short list to be submitted to the Minister of Commerce.
He added that the final decision rests with the Council of Ministers.
Cyprus granted on October 2008 the exploration license for block 12 to US Noble, which began exploratory drilling on September 18. On November 15, Noble announced that Cyprus Block 12 natural gas gross resources are estimated at 3-10 Trillion cubic feet (tcf) with a 60% probability of geologic success.
Turkey, whose troops occupy Cyprus’ northern part since they invaded in 1974, does not recognise the Republic of Cyprus. Following a decision by Nicosia to begin natural gas and oil exploration in its exclusive economic zone, Ankara has deployed warships in the Eastern Mediterranean and has signed an illegal agreement with the Turkish Cypriot regime in occupied Cyprus to delineate what it calls continental shelf.
Drilling has already begun and is being carried out by Houston-based “Noble Energy”, off Cyprus’ south-eastern coast.
The government of Cyprus has protested to the UN and the EU Turkey’s moves, saying it has a sovereign right to exploit its natural resources, pointing out that Greek Cypriots and Turkish Cypriots will benefit from any benefits that may come from oil drilling.
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.
(source: cna)

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