40 Global Companies Turn to Cyprus For Drilling Rights

Some of the largest oil and natural gas companies from Russia, the United States, France, Norway, The Netherlands, China and the UK have turned their attention to Cyprus and the potential of obtaining licenses to drill its sea area for prospective natural gas and oil. According to reports almost 40 companies have already sent their proposals and are battling to secure rights to search for hydrocarbons in the available “plots”.

The companies have to pay from one to two million dollars to buy seismographic survey data from Nicosia and from what it looks like money is no object.

This sudden gush of interest comes after the discoveries made by “Tamar” and “Leviathan”, two of the three largest deposits found in the world the last decade, and now the companies who are vying for a piece of the pie have a lot more information than they did in 2007 when the first round data was recorded.

Another reason they are so keen on this new venture is because Cyprus’ “Plot 12” looks more promising than originally estimated.

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