Finance & Investing
News Services
Get free industry updates via email.
Daily News
Weekly News
Equipment Updates
Weekly Job Register
Monthly Event Guide
Our privacy


Cyprus Secures 15 Bids for Gas Exploration

change text size
Cyprus Secures 15 Bids for Gas Exploration

NICOSIA - Cyprus said Friday that 29 companies had made 15 bids for exploratory drilling in a second round of licensing to exploit offshore oil and gas deposits despite strong objections from Turkey.

Commerce Minister Neoclis Sylikiotis said the results in the bidding, which closed on Friday, were "beyond expectations."

Bids were submitted from 10 consortia and five companies from 15 countries. Among the companies were Total S.A., Petronas Gas Bhd, KOGAS, Delek Group Ltd., ATP Oil & Gas Corp., Novatek, Petra Petroleum Inc. and Vitol.

A final decision on the contracts is expected to be taken by the cabinet within the next six months on the tenders, which covered 12 of 13 total blocks.

U.S. firm Noble Energy had already been awarded Block 12 and announced last year that it discovered gas reserves of up to 226.5 billion cubic meters, which has an estimated value of $129 billion.

This would satisfy the island's domestic gas needs for decades.

Media reports predict there could be greater riches, not only of gas but also of oil, in the blocks adjacent to Block 12.

Copyright (c) 2012 Dow Jones & Company, Inc.


Post a Comment Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Related Companies
 Company: ATP Oil & Gasmore info
 - Cosco Reveals Buying Interest for Octabuoy Hull and Topside Module (Jul 23)
 - North Sea's Blythe, Skipper Assets Get 3-Month Extension (Dec 11)
 - Struggling for Cash, ATP Abandons Gomez Oil Drilling Field (Jun 13)
 Company: Total S.A.more info
 - Total Stops Buying Novatek Shares After MH17 Shot Down (Jul 30)
 - Total 2Q Reveals Freeze on Novatek Stake Buying Post MH17 Downing (Jul 30)
 - Sembawang Shipyard Bags $480M Contract from Saipem for 2 FPSO Conversions (Jul 21)
 Company: Petronasmore info

 - Malaysian-French Engineering for Petronas Projects (Jun 27)
 - Mubdala Confirms Pegaga Gas Discovery in Block 320 Offshore Malaysia (Jun 23)
 - Petronas Demobilizes Employees in Iraq to Dubai Amid Security Concerns (Jun 19)
 Company: Kogasmore info
 - S.Korea's KOGAS Confirms Plan to Sell Down Stake in Iraq Gas Field (Feb 7)
 - S.Korea to Focus on Exploration as Cuts Overseas Energy Spend (Dec 4)
 - Shell Floats Hull for Prelude FLNG Vessel (Dec 3)
 Company: Novatekmore info
 - Total Stops Buying Novatek Shares After MH17 Shot Down (Jul 30)
 - Novatek Reports 2Q Gas, Liquids Production Increase (Jul 10)
 - China Signs $1.6B Engineering Deal for Siberian LNG Project (Jul 10)
 Company: Vitol GPC Investmentsmore info
 - Cyprus Secures 15 Bids for Gas Exploration (May 11)
 - Bowleven Agrees to Option Agreement Extension for Etinde Permit (Apr 1)
 - US House OKs Bill Targeting Cos Invested in Iran Energy Sector (Oct 15)

Most Popular Articles
From the Career Center
Jobs that may interest you
Proposals Manager
Expertise: Budget / Cost Control, Contracts Administration
Location: Houston, TX
Project Manager
Expertise: Project Management, Subsea Engineering
Location: Houston , TX
Logistics Coordinator/Materials Management
Expertise: Logistics Coordinator, Materials Management
Location: Houston , TX
search for more jobs