In June 2016, the Government of the Republic of Cyprus announced its 3rd Hydrocarbons Licencing Round, opening Blocks 6, 8, and 10 for bidding. The licensing round attracted a high level of interest from major international oil and gas companies, with bids being submitted by ExxonMobil, Qatar Petroleum, Cairn Energy, ENI, Total, Statoil and Delek Drilling.
CHC is participated in the negotiation committee with successful bidders on behalf of the Government of Cyprus. Following a period of negotiation, the Council of Ministers approved the signature of Exploration License and Production Sharing Contracts (EPSCs), for an initial term of three years, for each block as follows:
- Block 6: Eni/Total
- Block 8: Eni
- Block 10: ExxonMobil / Qatar Petroleum
The award of the licences triggers the start of the exploration period for each of the Blocks, with wells expected to be drilled in the period 2017-2018. CHC will participate in the Production Sharing Contract management committees on behalf of the Government of Cyprus.