Offshore staff
HOUSTON -- The Republic of Cyprus is putting 12 offshore blocks up for bid. The Cyprus Ministry of Commerce, Industry, and Tourism contracted with PGS Geophysical AS in 2006 to gather a non-exclusive multi-client 2D seismic survey that resulted in 6,770 line-km (4,207 mi) of new data over 12 offshore blocks that cover 70,000 sq km (27,027 sq mi) in the Mediterranean Sea.
These data are now available commercially. Companies interested in tendering bids are required to purchase the data package to participate in the bidding for the country's first licensing round. Bids will be accepted from Feb. 15, 2007, until July 16, 2007. The ministry expects to award the blocks before year-end.
In a presentation in Houston Jan. 30, 2007, Solon Kassinis, director of commerce and industry, energy service, said the ministry also has decided to evaluate the exploration areas with the assistance of Beicip-Franlab, which has integrated the new data and generated a report that will be included in the data package purchased as part of the bid process.
Cyprus has recently updated its hydrocarbon law to be in compliance with the relevant directive of the European parliament, Kassinis said, and has prepared a model production-sharing agreement. Cyprus has also signed boundary agreements with Egypt and Lebanon and plans to sign the remaining agreements with Israel and Syria shortly, he said.
According to Mark Spencer Jones, business development manager Middle East and CIS for PGS, "The survey area shows intriguing indications of hydrocarbon potential."
More information is available from the ministry website at http://www.mcit.gov.cy.
1/30/2007
