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Natural Gas Reserves – 2nd Licensing Round

The authorities have revealed yesterday that the 2nd licensing round for the exploration and exploitation of the remaining 12 Blocks in Cyprus’ EEZ is expected to be published in the Official Journal of the European Union on Monday 13 of February 2012.

This publication will officially mark the inauguration of the 2nd licensing round, according to which the interested parties will have a 90 days time frame from the day of the publication to submit their applications for the grant of exploration and exploitation licences for any of the 12 remaining Blocks of the Republic’s EEZ. The Minister of Commerce of the Republic has stressed that this licensing round is an open invitation towards any interested party to submit an application for an exploration or exploitation licence. 

The criteria, based on which these applications will be judged, will be stated in the publication and they shall include the technical expertise of the relevant companies, their financial ability to finance their operations and, most importantly, the interested parties’ financial proposal to the Government in relation to the exploitation of the natural gas reserves. The evaluation of the submitted applications will be completed within a period of 6 months after the initial 90-days deadline.

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