On 11 February 2012, theRepublicofCyprusannounced an invitation to apply for hydrocarbon exploration authorisations (licenses), and subsequent hydrocarbon exploitation licenses. The licenses will be granted to companies or consortia of companies to carry out exploitation on Blocks within the designated exploration area ofCyprus’ exclusive economic zone. The closing date of the Licensing Round is 11 May, 2012 at 14.00, local time.

Those interested inCyprus’ 2nd Licensing Round, should note that there are some basic requirements that an applicant will need to satisfy, before an application proceeds to the evaluation stage. These include the following:

(a)        The payment of an application fee of EUR 1,500;

(b)        A purchase of a minimum total amount of 2,000 line-km of the Multi-Client seismic data of the MC2D-CYP2006 and the MC2D-CYP2008 surveys;

(c)        The 2D Interpretation Report of 2009 “New Opportunities for Exploration OffshoreCyprus, Exploration Plays and Leads (from Interpretation of PGS 2D Seismic Surveys: MC2D-CYP  2006 and MC2D-CYP 2008)”; and

(d)        In the event of an application for Block 3, the applicant shall purchase additionally to (b) and (c), the 3D Multi-Client seismic survey MC3D-CYP2007, and the 3D Interpretation Report “New Opportunities for Exploration Offshore Cyprus, A 3D Seismic Interpretation Study in Block 3 (PGS MC3D-CYP 2007)”, at the price of EUR 40,000.

The cost for acquiring the data, is as follows:

•           MC2D-CYP2006 – 6,770 line-km

–           US$350 per line-km
–           Uplift of US$500 per line-km on any data in a licensed Block taken

•           MC2D-CYP2008 – 12,266 line –km

–           US$400 per line-km
–           Uplift of US$500 per line-km on any data in a licensed Block taken

•           MC3D-CYP2007 – 659 km²

–           US$1,650 per sq-km
–           Uplift of US$5,000 per sq-km on acquiring a licence in Block 3

Moreover, the conditions and requirements contained in the authorisation for exploration and in the authorisation for the exploitation, shall be stated explicitly in a contract (the “Contract”), concluded between the Government of the Republic and the holder of an authorisation. The model Contract, published by the Ministry of Commerce, Industry and Tourism (the “Ministry”) is a production sharing contract, and its terms thereof can be negotiated with the designated authority which will be responsible for, inter alia, the evaluation of the applications and the negotiations of the terms and provisions of the Contract with the selected applicant.

Our firm would be happy to provide a copy of the Contract to interested parties, in addition to the Submission of Applications Guidance Note, published by the Ministry, which provides all the necessary information and details regarding the submission of an application for hydrocarbon exploration and exploitation authorisations, including full details of the exploration blocks, the application procedure, participation rules and the evaluation of applications.

Kypros Chrysostomides

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