Cyprus embarks on licensing process for oil

The first Licensing Round Offshore Cyprus to grant licences to explore and develop hydrocarbon deposits began formally.
An official press release, issued today, says that ”the Licensing Round is based on the PGS MC2D CYP – 2006 acquisition, which involved 6,770 line-km of seismic data covering an area of approximately 70,000 sq. km over the Eratosthenes structure, the Levant Basin and the prolific Nile Delta.”
The survey was made available in November, 2006 and ties all the wells in the Deepwater NEMED Block in Egypt, it explains.
Also, an Interpretation report has been prepared by Beicip-Franlab, Consultants to the Ministry of Commerce, Industry and Tourism, which is currently available for purchasing.
Egyptian Minister of Petroleum Amin Samir Fahmi arrived here today to attend the official opening ceremony.
Nicosia has signed two agreements with Cairo and Beirut relating to the exploration and exploitation of oil and natural gas deposits in the Eastern Mediterranean basin.

Meanwhile the Cyprus Government Spokesman Christodoulos Pashiardis condemned today as illegal Turkey‘s decision to conduct oil exploration in the Mediterranean, adding that Cyprus will proceed with its plans as scheduled.
Replying to questions after a Council of Ministers meeting, Government Spokesman Christodoulos Pashiardis said that ”even if the date for implementing Turkey‘s decision to conduct exploration in the Mediterranean remains undetermined, the Cyprus government condemns this decision as illegal and examines ways of reaction.”
Pashiardis said that the official opening of Cyprus First Hydrocarbon Exploration Licensing Round offshore Cyprus will take place as planned, but refrained from making any other comments.
Cyprus has signed agreements for the delimitation of its Exclusive Economic Zone with Egypt and Lebanon.