Total, ATP, Novatek, Petrogaz Bidding for Offshore Hydrocarbon Rights

Energy giants Total, ATP, Novatek, Petrogaz and others are bidding for offshore hydrocarbon rights, said Commerce Minister Neoklis Sylikiotis.

Bids have been sent from the UK, France, the US, Israel, the Netherlands, Korea, Russia, Malaysi, Italy, Australia, Norway, Canada, Cyprus (Petrolina Group), Indonesia and Lebanon, said the minister.

The most popular plots are 9 and two, said the minister, adding that the number of bids far exceeded expectations. The evaluation of the applications will take six months and then negotiations will start. Final decisions will be taken in the second half of 2013. Bids were entered for nine out of the 13 plots, with plots 1 and 13 proving to be the least popular. Plot 13 is the smallest in size, while Plot 1 is too close to the coast and exploration there could be a threat to the environment, said officials.

The second round involves the granting of licenses for exploring the remaining 12 plots in Cyprus' Exclusive Economic Zone (EEZ).

US-based company Noble Energy has already discovered 5-8 Tfc of natural gas in Plot 12 of Cyprus' EEZ.

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