Oil and gas exploration of the coast of the Republic of Cyprus is currently in the planning stages. Cyprus is a highly recommended location for hydrocarbon exploration due to the substantial amount of geophysical data that is available, the stable business environment, and the alluring terms (zero taxation on revenues from offshore hydrocarbon exploitation) provided.
A known hydrocarbon system with significant hydrocarbon discoveries is also present nearby, and the Southeast Mediterranean area is a market with significant potential for oil and gas trading.
Licensing for hydrocarbon prospection, development, and exploitation must be approved by the Council of Ministers. In rounds for licenses, requests for exploration and exploitation permits are received.
Currently, Noble Energy International Ltd has been given an Exploration License for Block No. 12 as of October 24th, 2008.
Source: AGG Homes Cyprus
