3rd Licensing Round: Council of Ministers’ decision on selected applicants for negotiations
Wednesday, 21 December 2016
Within the framework of the 3rd Licensing Round for offshore Hydrocarbons Exploration in Blocks 6, 8 and 10 in the Exclusive Economic Zone of Cyprus, the Council of Ministers, at its meeting today, having considered the recommendation of the Minister of Energy, Commerce, Industry and Tourism, as well as the preparatory report of the technical Advisory Committee on Hydrocarbons, has selected the following applicants for negotiations on the terms and provisions of the Exploration and Production Sharing Contracts:
- Exploration Block 6: Eni Cyprus Limited / Total E&P Cyprus B.V.
- Exploration Block 8: Eni Cyprus Limited
- Exploration Block 10: ExxonMobil Exploration and Production Cyprus (Offshore) Limited / Qatar Petroleum International Upstream O.P.C.
Furthermore, the Council of Ministers has appointed a team, led by the Minister of Energy, Commerce, Industry and Tourism and the Minister of Finance, to negotiate Contract terms and provisions with the selected applicants. In case negotiations are successful, and provided that the agreed Contract per individual Block is approved by the Council of Ministers, Hydrocarbon Exploration Licenses shall be granted. Otherwise, the runner-up applicants will be invited for negotiations.