Cyprus accepting hydrocarbon exploration tenders by Aug 16

Director of the Energy Department of the Ministry of Commerce, Industry and Tourism Solon Kassinis has expressed satisfaction with the interest shown so far regarding licenses to carry out research for hydrocarbons in Cyprus’ exclusive economic zone.
He said interested parties would have to submit their tenders on August 16, which would be evaluated by a ministerial committee and sent to the Council of Ministers with an accompanying report, for a decision on the three-year license.
Kassinis said the evaluation would be completed by the end of the year and the second phase would follow, which has to do with exploration of other areas and new data with three-dimensional graphs and their evaluation.
Kassinis said the successful applicant would carry out investigative drilling to determine the kind of hydrocarbons available, namely oil or natural gas, as well as their quantity.
He added that the license could be extended for up to two years, reaching a total of five, but this would reduce the sea area to be licensed for exploration.

Kassinis told CNA on Tuesday that the authorities of the Republic of Cyprus were monitoring Turkish moves in the region, noting that there was no cause for concern, since Nicosia was acting within international law and the Law of the Sea Convention.
”We believe there is nothing to worry about regarding our actions and, if the Turks violate this legal framework of the Law of the Sea Convention, we will report them internationally,” he added.