Cyprus said today it was close to proceeding with a second licensing round for offshore oil exploration and is wrapping up the preparatory work.
Industry Minister Antonis Paschalides told reporters he could not announce a concrete date for the start of the round but the government aimed to go ahead.
"Preparations from our side are carried out. We go ahead with all the surveys and work. I believe we are near the end phase," Paschalides said to Reuters.
Cyprus launched the first round in 2007 for hydrocarbons in 11 offshore blocks, most in deepwater locations, despite objections from Turkey, which invaded the north of Cyprus in 1974 after a brief coup inspired by the military then ruling Greece.
Turkey has since repeated calls for EU member Cyprus to abandon the project, saying the Greek Cypriot government in the south did not represent the whole island.
A further two blocks were opened for exploration in the middle of 2009.
The first exploration deal was clinched with US company Noble Energy , which has already found a large gas reservoir off nearby Israel.
"The pleasant (thing) is that there is tremendous interest by major players for the second round of licensing," Paschalides said.
(www.upstreamonline.com)