Cyprus concludes bidding process for offshore hydrocarbon exploration

On July 22, the application period for companies interested in hydrocarbon exploration within blocks 6, 8, and 10 of the Cypriot Exclusive Economic Zone ended. Minister of Energy, Commerce, Industry and Tourism Yiorgos Lakkotrypis confirmed that the government received multiple expressions of interest following international promotion efforts in London and Houston. The results of the bidding process are scheduled to be announced next Wednesday following a Cabinet meeting. Once the winners are selected, the Ministry of Energy will initiate negotiations to grant licenses for the specific blocks. The entire contracting process is expected to take approximately six months. Industry analysts note that increased interest in the region follows the discovery of the Zohr gas field by Egypt, which is located in close proximity to Cypriot waters.