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License to drill…

5 November 2012

Last week the Republic of Cyprus allocated four concessionary sites to various consortia and single bidders, including Italian ENI, French Total, South Korean KOGAS, and Russian companies NOVATEC as well as GPB Global Resources.  The concessions permit allows these companies to begin exploration for gas in  four areas located in close proximity to each other – north-east of Block 12 off the coast of the RoC – an area where US firm Noble Energy already has a drilling concession.

Turkey’s foreign ministry issued a statement on Saturday reiterating warnings that future deals with oil companies taking part in the recently awarded concessions off the shore of Greek-held southern Cyprus may be compromised. A number of the licensees are currently involved in business contracts with Turkey.

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