Bidders in third gas round will remain under wraps until next week

The government will sometime next week announce the names of the companies bidding in the third hydrocarbons licensing round, energy minister Giorgos Lakkotrypis said on Thursday.

The deadline for submission of formal expressions of interest expires on Friday.

Lakkotrypis said his ministry will put out a brief statement around midday on Friday that will mention only the number of companies or consortia that will have submitted formal expressions of interest, and for which offshore blocks.

The acreage opened up for bidding in the third licensing round are Blocks 6, 8 and 10.

The names of the companies would be announced likely on Wednesday, following a briefing of the cabinet, Lakkotrypis added.

An advisory committee would review the bids and submit its recommendations to the energy ministry.

Following that, the energy ministry will commence negotiations with the preferred bidders, with a view to granting them concessions over the blocks.

The whole process should take about six months, the minister said.

Lakkotrypis ducked a question as to whether there has been great interest in the three offshore blocks, as repeatedly reported in the local media and hinted at by government officials.

“Certainly we have some indications about the purchases of seismographic data by companies. We are pleased with the quality [of the companies], but let us wait until tomorrow.”

The renewed interest in Cyprus’ acreage is attributed to the discovery of a massive gas reservoir by Egypt late last year. The prospect, dubbed ‘Zohr’, lies in close proximity to the border of Cypriot waters.

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