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.
WHAT DO YOU THINK?
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.
- Lessons from ATP Bankruptcy There for Those Who Listen (Jun 30)
- Cosco Discontinues Octabuoy Hull and Topside Module Project (Jan 12)
- Cosco Reveals Buying Interest for Octabuoy Hull and Topside Module (Jul 23)
Company: Total S.A. more info
- Total Starts Up Antwerp Refinery And Petrochem Complex After Upgrade (Nov 30)
- Hoegh LNG: Pakistan LNG Import Project Consortium Folds (Nov 16)
- France's Total Buys Engie's LNG Business For $1.5B (Nov 08)
Company: PETRONAS more info
Operates 12 Offshore Rigs
- After Europe's Gas Market Disasters, LNG May Come to the Rescue (Dec 12)
- Petronas Unit Agrees Share Swap With Shell's Africa Operator (Dec 05)
- Malaysia's Petronas Asked To Exit Myanmar In Protest Of Rohingya Crisis (Nov 08)
Company: Kogas more info
- S. Korea's KOGAS Says Interested In US Shale Gas Projects (Feb 10)
- Total, Shell, Eni Eligible to Bid for New Iran Oil, Gas Projects (Jan 03)
- Eni Board Authorizes Investment for First Phase of Coral Discovery (Nov 18)
Company: Novatek more info
- RIA: Moscow, Riyadh Agree To Explore Aramco Taking Part In Novatek Project (Nov 13)
- Russia's Novatek Says Yamal LNG Seen Expanding By 1 Million Tonnes (Oct 17)
- Russia's Novatek Recommends 1H Dividend Of 6.95 rbls Per Share (Aug 25)
Company: Vitol GPC Investments more info
- World's Biggest Oil Traders See Wildly Diverging Crude Price (Oct 19)
- Middle East Oil Producers Turn to Crude Trading to Boost Incomes (Sep 29)
- Glencore Strikes Multi-Year Purchase Deal With Angola LNG (Sep 20)