Cairn, Marathon Bid for Offshore Cyprus Stake

In its interim statement released today, UK based Cairn announced participation in the current bid round offshore Cyprus.

Cairn and its partners submitted the Bids on 11 May with awards expected towards the end of the year. Cairn holds a 40% share in the bidding consortium and other partners comprise Marathon Oil Company (40%), CC Energy S.A.L (an associated company of the CCC Group of companies, a Lebanese private company) (10%) and Oranje-Nassau Energie B.V. (10%).

“Cyprus offers early stage frontier exploration acreage with moderate technical risk.” read Cairn’s statement.

A number of recent discoveries in the region have stimulated industry interest in a potential new source of gas, most likely for European markets.

The second license round offshore Cyprus opened 11th of February 2012 and according to reports it has attracted 29 companies. The round expired on Friday, May 11.

Cyprus’ Commerce Minister, Neoclis Sylikiotis last Friday said that 29 international companies had submitted 15 bids for nine offshore blocks, the result that “surpassed our expectation”, Cyprus Mail reports.

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Offshore Energy Today Staff, May 17, 2012