Cyprus Mail

Parliament says yes to extending hydrocarbons’ licences

The Stena IceMAX drillship hired by ExxonMobil for exploratory drilling in the Cyprus EEZ block 10

THE House on Friday approved regulations that allow the government to extend the licenses of companies exploring for hydrocarbons inside the island’s exclusive economic zone under certain conditions.

As the law stands, licensed energy companies are granted an initial three years to complete their exploratory programme; this may be extended twice by the government, each time by two years, for a total maximum of seven years.

The bill tabled by the government granted the cabinet discretionary powers to extend the overall period beyond seven years, provided the concession holder files a substantiated request two months prior to expiry.

An amendment tabled by Akel and the Green party to restrict the extensions to three years was rejected. Green Party leader Giorgos Perdikis said the new regulations did not specify a maximum extension time period. Ruling Disy MP Andreas Kyprianou said exceptionally important national reasons dictated granting extensions.

Related Posts

Workshop at SPEL encourages adults to slow down

Eleni Philippou

Voting for Mavroyiannis will not mean an Akel government – Stefanou

Andria Kades

Diko would be honoured to work with Disy says Papadopoulos

Jonathan Shkurko

Two and a half year prison sentence for aiding illegal entry

Iole Damaskinos

Rainfall almost 90 per cent of average

Iole Damaskinos

BP profit soars to record $28 bln, dividend increased

Reuters News Service