Cyprus has received six applications from eight companies for the three blocks it put up in its 3rd Licensing Round for offshore exploration.
The three blocks were Blocks 6, 8 and 10, in the Exclusive Economic Zone of Cyprus in the Mediterranean Sea.
The names of the interested companies/consortia are due to be announced this Wednesday, 27 July, with exploration and production sharing contract awards due to be made within about six months.
To date 13 exploration blocks have been defined by the Republic of Cyprus at the south of the island following international bilateral agreements with Egypt, Lebanon and Israel, says business consultancy PwC.
Yet just one, Block 12, covering 2684sq km, has been drilled on, by Noble Energy. Noble discovered the Aphrodite field in 2011. It is estimated to contain some 4 Tcf of gas and could have development synergies with the neighbouring Leviathan field, in Israeli waters, Noble has said. Noble has submitted a preliminary field development plan for Aphrodite to the Cypriot government.
Last year, Noble farmed out a 35% interest in the field to BG Group, now part of Shell, for US$165 million, with Noble retaining 35% interest and operatorship.
Cyprus’ exclusive economic zone, which was set as an exploration area, occupies an area of 51,000sq km off the south-eastern coast of the island, covering the Eratosthenes seamount, the Levant Basin, and the Nile Delta. The exploration area has been divided into 13 exploration blocks.