Contractual Agreements for Hydrocarbon Exploration and Exploitation in Cyprus - Small Country, Gigantic Hydrocarbon Reserves
Article from: OGEL 3 (2013), in Eastern Mediterranean Oil and Gas
Introduction
The Republic of Cyprus has taken some important steps with regard to the exploitation of its hydrocarbon reserves in recent years. The Government has divided the Republic's offshore exploration area in 13 exploration blocks, which lie within its Exclusive Economic Zone. In 2007 the First Licensing Round for the grant of hydrocarbon exploration and exploitation licences in 11 offshore blocks (Nos. 01, 02, 04-12) was announced. The First Licensing Round was based on the seismic data that were acquired by Norway's Petroleum Geo-Services (PGS) in 2006. Cumulatively, 35,000 line-km ...