The second round of licensing for hydrocarbon research within Cyprus’ Exclusive Economic Zone (EEZ) will be announced in eight days, according to Minister of Commerce, Industry and Tourism Praxoula Antoniadou.
“We are only eight days away from the official announcement for the second round of licensing”, Antoniadou, said speaking before the House Commerce Committee on Tuesday.
On her part, Permanent Secretary of the Ministry, Zeta Emileanidou, said that the Ministry was informed by the Cypriot Permanent Representation to the EU that the official announcement for the second round of licensing will be published in the EU gazette on February 13.
According to Antoniadou, companies interested in participating in the second licensing round for oil and gas exploration and exploitation will be given a period of 90 days to submit their proposals and the state will conclude assessment within six months.
“The licensing round is an open invitation for expression of interest to the companies or entities interested in submitting an application for exploration and exploitation,” Antoniadou noted, adding that the criteria upon which the offers submitted will be assessed concern the companies’ or entities’ technical adequacy, their ability to afford their activities and the financial proposal they will submit to the state.
The announcement also refers to the state’s right not to proceed to the licensing round in case circumstances or interest expressed are not in favor of the state.