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Cyprus > Legal Developments > Law firm and leading lawyer rankings

Editorial

Invitation for expression of interest in Cyprus Oil & Gas Exploration Rights

On Saturday, February 11th 2012, the Official Gazette of the European Community published Notice 2012/C 38/10 of the Republic of Cyprus, regarding the conditions for the granting and the use of Licenses for the prospection, exploration and production of hydrocarbons.

Applications for a License must be submitted within 90 days from the date of announcement of the tender in the European Community gazette, this being February 11th  2012. Via this Notice, the Republic of Cyprus invites all interested persons to apply for hydrocarbon exploration licenses and subsequent hydrocarbon exploitation licenses in respect of certain acreage in the Exclusive Economic Zone of Cyprus, whose geographical coordinates are set out in the Notice. More specifically, 12 out of 13 plots within the Exclusive Economic Zone of Cyprus are offered, with the exception of plot 12, which is already under the tender of Noble Energy.

The competent authority for receiving and reviewing applications for licenses is the Cyprus Council of Ministers, and all applications should be directed to the Minister of Commerce, Industry and Tourism.

The Council of Ministers commits to provide candidates with a reply within 6 months of receiving such application and under Notice 2012/C 38/11, also published in the Official Gazette of the European Community, the following criteria will determine the outcome of every application: the technical and financial ability of the applicants; the ways in which the applicant intends to carry out the activities that are specified in the license; the financial consideration that the applicant is offering in order to obtain the license; and  any lack of efficiency and responsibility that the applicant has shown under any previous license or authorisation of any form in any country of the world. Where two or more applications share the same merits on the criteria set out above, the Council of Ministers shall take into consideration factors such as public security public health and safety, and environmental protection.

The same tender will be published in the Official Cyprus Gazette in the Friday, February 17th issue.

C.D. Messios is already advising prospective applicants in this process.

C.D. Messios LLC


For more information please visit www.messios.com

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