NICOSIA: Five international companies have contacted the Cypriot government over the possibility of exploring oil and gas deposits off the Mediterranean island s coast, the commerce minister said Tuesday. Antonis Michaelides said companies with a traditional presence in the oil industry paid 35,000 dollars each to acquire government information on seismic survey on possible reserves beneath the seabed. Already some companies, about five, have secured the data from a Norwegian survey [commissioned by the Cyprus government], Michaelides told state radio. He declined to name the companies. The minister said interested parties have until July 16 to study the data before making an offer to drill in a specific section of Cyprus exclusive economic zone. On Thursday, Cyprus will officially launch the tender procedure for oil exploration and drilling rights beneath the seabed. Cyprus s drive to explore for has raised tensions in the region due to Turkey s objections to deals with Lebanon and Egypt, which it has declared invalid. It says it is determined to protect its rights and interests in the eastern Mediterranean.
Ankara has denied stepping up its naval presence in the eastern Mediterranean amid a growing row with Cyprus over the divided island s exploration rights. The Cypriot government has made representations to the United Nations over Turkey s threats and intimidation . Greece along with the EU backs Cyprus s right to grant offshore oil and gas exploration rights to Egypt and Lebanon, but Brussels and Washington have urged restraint so as not to heighten tensions in the region. Estimated oil deposits are put at around eight to ten billion barrels. Cyprus has been divided since 1974 when Turkey invaded and seized its northern third in response to an Athens-engineered coup in Nicosia seeking to join the island with Greece.
