Minister of Energy Yiorgos Lakkotrypis met on 13 January with companies / consortia that have been selected to negotiate with Cyprus Government under the 3rd licensing round for offshore hydrocarbons exploration in Blocks 6,8, and 10 in the Exclusive Economic Zone (EEZ) of Cyprus.
Lakkotrypis told CNA that on 13 January there were separate meeting with all the companies that have been selected, noting that the object of these meetings was to agree on the dates, the methodology and the procedure to be followed in the negotiations.
“The aim is to conclude the negotiations with the companies until the end of February, in order to bring the outcome of the negotiations before the Cabinet, early in March”, said the Minister of Energy, who also explained that a series of separate meetings with the companies has also been set in February.
The selected companies with whom the Ministry will negotiate, are the consortium Eni Cyprus Limited/Total E&P Cyprus B.V. for exploration block 6, Eni Cyprus Limited for exploration block 8 and Exxon Mobil Exploration and Production Cyprus (Offshore) Limited/Qatar Pertoleum International Umpstream O.P.C. for exploration block 10.
Last December, the Cabinet appointed a team, led by Minsters of Energy, Finance and Labour, 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 Minister, hydrocarbons explorations licenses shall be granted. Otherwise, the runner-up applicants will be invited for negotiations.