Oil and Gas: Cyprus to launch international tenders for oil and gas exploration

Cyprus is to launch an international tender for offshore oil and gas exploration rights, a senior government official said Thursday.

"The first bidding phase starts Feb. 15 and ends on July 16," Trade and Industry Minister Antonis Michaelides said. Evaluation of applications will take place in the ensuing six-month period.

Last week, Cyprus also signed an agreement with Lebanon for the delineation of an undersea border in order to facilitate future oil and gas exploration between the two countries.

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