| Three applications submitted for Cyprus’ oil reserve explorations |
| Friday,August 17,2007 Posted: 18:19 BJT(19 GMT) |
| From:press and information pffice of Cyprus Article type:Translated |
The Government of Cyprus, after conducting two-dimensional seismic surveys within the Cyprus Republic’s Exclusive Economic Zone in 2006, proceeded with the demarcation of the area into 13 blocks, the eleven of which were offered during the first round of granting licences to explore possible hydrocarbon reserves. A total of three applications for three separate exploration blocks have been submitted. One application for 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 process of assessing all applications will take place according to the provisions of the relevant law and regulations and it is to be completed before the end of 2007. The interest exhibited is deemed satisfactory and it is expected that during the second round of granting licenses, to be held in 2008, there will be additional two-dimensional and three-dimensional seismic data of the area available and thus, the interest will be greater. |
| (Source: English Site of Cyprus) |
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