Big oil industries interested for Cyprus oil

Large oil companies from USA, Russia, UK  and China, Norway, France and Germany seem to be interested in investing for the assumed hydrocarbon reservoires, offshore Cyprus.

Despite Turkish opposition, Cyprus has already begun the process of initiating a bidding procedure for the aforementioned oil fields. Already 11 areas South and offshore Cyprus will be the first where the tests for oil will begin. The total surface is around 70,000 Sq. Km2 , and there are also good indications of dicovering natural gas as well. The French consultants employed by the Cypriot goverment have already stated that in depths in excess of 3,000 metres there are high probabilities of discovering gas fields.

Cyprus has already stated that it will issue three types of permissions in relation to the oil fields. The first will be  for tests covering the time-space of one year, the second for three years and lastly a 25-year development permission by which the companies will be able to produce and process their findings, namely oil& gas.

The Cypriot goverment officials will present the whole project on road-shows in London, Houston and Moscow over the coming weeks.

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