Bloomberg News

Cypriot Government Announces Second Oil and Gas Licensing Round

November 24, 2011

Nov. 23 (Bloomberg) -- Cyprus’s cabinet authorized Minister of Commerce, Industry and Tourism Praxoula Antoniadou to proceed with a second oil and gas licensing round, government spokesman Stefanos Stefanou said.

The government will announce the second round, covering 12 of 13 blocks in the east Mediterranean island’s offshore territory, as soon as in the next six weeks, Stefanou said, according to an e-mailed statement.

“Everything that is required will be prepared so that a public call for proposals will be announced,” Stefanou said.

Applicants will be chosen based on their technical capacity and financial strength, while criteria related to “national security and public interest” will also apply, Stefanou said.

Three years ago, Cyprus awarded U.S. based Noble Energy Inc. an exploration license. Noble started to drill for gas on Sept. 18 in Block 12 angering Turkey, which sent warships to the area in response.

--Editors: Tim Farrand, Peter Woodifield

To contact the reporter on this story: Stelios Orphanides in Nicosia at sorphanides@bloomberg.net

To contact the editor responsible for this story: Craig Stirling at cstirling1@bloomberg.net


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