By Associated Press, Published: May 11
NICOSIA, Cyprus — Major oil and gas companies such as Russia’s Novatec, Italy’s ENI, France’s Total, and Malaysia’s Petronas are among 15 firms and consortiums that are seeking to carry out exploratory drilling for gas deposits off southern Cyprus, the island’s commerce minister said Friday, despite Turkey’s strong objections.
The minister, Neoklis Sylikiotis, said the companies that applied for a license to drill by Friday’s deadline also include ones from Canada, the UK, Norway, Israel, South Korea and the U.S., surpassing the government’s hopes.
The bids come as the small east Mediterranean island nation is reeling from Europe’s financial crisis. It economy is projected to shrink by half a percentage point of GDP this year, and unemployment is hitting record highs.
“We’ve all had great expectations from this licensing round and I can tell you not only have the results not belied those expectations, they’ve exceeded them by far,” Sylikiotis told a news conference.
via Russian, Italian, French companies among 15 bidding for oil and gas drilling rights off Cyprus – The Washington Post.