Cyprus Mail

Government spokesman says “strong interest” in third oil & gas round

Deputy government spokesman Victor Papadopoulos said that there is strong interest from energy companies for Cyprus’s third oil and gas licencing round.

“There is great and strong interest from very large companies,” Papadopoulos told reporters in Nicosia on Friday, hours before the deadline for companies to submit their bids expired.

Papadopoulos added that authorities will announce the number of the bidding companies on Friday. “After the council of ministers is briefed next week, the names of the companies which expressed interest will also be announced,” he added.

The government announced the third oil and gas round in March. The round includes blocks 6, 8 and 10 in Cyprus’s exclusive economic zone. The discovery of up to 30 trillion cubic feet of natural gas off the coast of Egypt by Italy’s ENI invigorated the energy companies’ interest in the Easter Mediterranean even as low energy prices continue to suppress investment in new projects.

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