Noble Energy, Norway-UK-UAE in bids for Cyprus oil, Chinese pull out

The government of Cyprus expressed has expressed satisfaction for the three applications it received Thursday concerning three different exploration blocks for hydrocarbon exploration in its exclusive economic zone.

The government will asses the three bids for oil and gas exploration within three of the 16 blocks off the southern coast of Cyprus and will announce their decision by December.

A bid by Chinese exploration and research companies did not materialize the last minute, due to fears of Turkey’s pressures that Ankara could cause trouble in the eastern Mediterranean, news reports said.

An official statement from the Ministry of Trade’s Department of Energy said that “a total of three applications for three different exploration blocks were submitted. One application to explore a single exploration block was submitted by a US company. Two applications were submitted by a consortium of three companies from Norway, the United Arab Emirates and the United Kingdom”.

The US company is Noble Energy with worldwide experience in oil and gas exploration.

It further said that the “procedure to examine the applications will take place according to the provisions of the relevant law and regulations and is scheduled to be completed before the end of 2007”.
According to the statement, the “government, after conducting two-dimensional seismic survey within the Exclusive Economic Zone of the Republic of Cyprus in 2006, proceeded with the demarcation of the area into 13 blocks, of which 11 were offered for the first round of granting licenses to search and exploit possible hydrocarbon reserves”.
The government intention was announced on May 4, 2007 in the Official Gazette of the European Union and on May 14 in the Official Gazette of the Republic of Cyprus. August 16 was set as the date to submit applications by companies which would express interest.
Furthermore, the government said that the “interest exhibited is satisfactory and it is expected that during the second round of licenses which is scheduled to take place in 2008, there will be additional available two-dimensional and three-dimensional seismic data of the area and as a result, the interest will be stronger”.