REPUBLIC OF CYPRUS
3rd Licensing Round
The Republic of Cyprus announces the commencement of the 3rd Licensing Round for offshore exploration Blocks 6, 8 and 10 in its Exclusive Economic Zone. The invitation to submit applications, the timetable as well as the criteria that shall be used for granting exploration licences, which are published in the Official Journal of the European Union and the Official Gazette of the Republic, can be found below.
A detailed Guidance Note concerning the submission of the applications and containing the Preliminary Model Exploration and Production Sharing Contract can be also found below.
In line with the reference of Article 3.1 of the Guidance Note, the Minister, exercising his discretion to make additions, corrections or modifications to the Preliminary Model Contract, is publishing the Preliminary Model Contract with such additions, corrections or modifications, on the Ministry Website.
The Minister is hereby issuing the Model Contract, in accordance to Regulation 5(2) of the Hydrocarbons (Prospection, Exploration and Exploitation) Regulations of 2007 (RAA 51/2007), (henceforth “the Regulations”). The Minister, in accordance with Regulation 7 of the Regulations shall negotiate the terms and provisions of the Contract with the selected applicant.
Clarifications: Questions & Answers
Director Hydrocarbons Service
Ministry of Energy, Commerce, Industry and Tourism