New oil and gas tender has started

The Cyprus authorities begun to accept applications for the participation in tender to develop the three off-shore areas in the oil and gas fields which are located South from the island.

It is expected that the Italian ENI and French TOTAL, who are already involved in the oil and gas sectors of Cyprus, to participate in the tender.

The analytics pointed out that the evaluation of the available resources was improved after the discovery of Zehr field, which is located in approximately that region and is located in the Egypt’s waters.

There are rumors that other major oil and gas companies can also participate in the tender. However, it is unclear whether they will be

willing to invest significant amounts in expensive off-shore drilling, whilst the current prices are so low.