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Recent natural gas discoveries in the region have prompted the Republic of Cyprus to proceed with its second licensing round, to be held at the end of this month. Already, according to news reports, a host of international companies, including Petrobras, Gazprom, Petronas, Total, BP and ExxonMobil, have expressed interest in the licensing round, which will include 12 reportedly hydrocarbon-rich offshore blocks. In December, Texas-based Noble Energy announced that it had discovered gas resources in Block 12 amounting to between 5 and 8 Tcf of gas. The find, however, has frustrated relations between Cyprus and Turkey, which refuses to recognize Cyprus’s sovereignty in the area.
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