TEKMOR Monitor: FIRST LICENSING ROUND (2007)

Thursday, February 15, 2007

FIRST LICENSING ROUND (2007) | Republic of Cyprus

The Republic of Cyprus, represented by the Ministry of Commerce, Industry and Tourism, announced the 1st Licensing Round Offshore Cyprus in the 15th of February 2007 for the grant of Hydrocarbon Exploration Licences and subsequent Hydrocarbon Exploitation Licences (upon a commercial hydrocarbon discovery during exploration) in eleven (11) Exploration Blocks within the Exclusive Economic Zone of the Republic. Blocks 3 and 13 were excluded.

The Licensing Round was based on the MC2D-CYP2006 seismic data that were acquired by PGS Geophysical in 2006. The multi-client survey included 6,770 line-km of 2D seismic data covering an area of approximately 51,000 km2 within the Exclusive Economic Zone of the Republic of Cyprus. The survey, which covered the Eratosthenes structure, the Levantine Basin, the Cyprus Arc and the Herodotus Basin and tied all the wells in the deepwater NEMED Block in Egypt, was made available in November 2006. An Interpretation Report had been prepared by Beicip-Franlab, Consultants to the Ministry of Commerce, Industry and Tourism, and was available for purchasing.

Cumulatively, 35,000 line-km of 2D seismic data were purchased by the interesting parties, and applications for three Exploration Blocks were submitted. Upon extensive negotiations an Exploration License for Exploration Block No 12 was granted to Noble Energy International Ltd on the 24th of October 2008 for an initial period of three (3) years.