Exploration-Exploitation of Oil and Gas in the Exclusive Economic Zone (EEZ) of the Republic of Cyprus
The Republic of Cyprus, represented by the Ministry of Commerce, Industry and Tourism, has launched an invitation to interested companies to apply for Hydrocarbon Exploration Licences and subsequent Hydrocarbon Exploitation Licences in respect of certain acreage on the Exclusive Economic Zone of Cyprus, in accordance with Directive 94/22/EC of the European Parliament and of the Council of 30 May 1994 on the conditions for granting and using authorisations for the prospection, exploration and production of hydrocarbons, Article 3(2)(a).
Nobel Energy Inc. is the first energy company to obtain a license to start exploration of gas in Block 12 of the EEZ. The exploration of gas in Block 12 started in September 2011. The Energy Department of the Ministry of Commerce, Industry and Tourism, announced that the prediction of finding of gas in the EEZ of the Republic of Cyprus is encouraging and that it could cover the needs of the whole of Europe for the next 80 years.
Detection of oil and gas in EEZ of the Republic of Cyprus will make Cyprus a very important energy station in the Mediterranean and of course will change the geopolitical balances in the region. New business and investment opportunities will be created and the economy is expected to grow and become stronger over the next generations.