The three bidders, Exxon Mobil-Qatar Petroleum, ENI and TOTAL, are sending their representatives in order to negotiate their contracts.

The government aims to conclude negotiations by late January or early February of next year, as well as push for more drilling within the first three years.

The cabinet has appointed a team led by Lakkotrypis and Finance Minister Harris Georgiades, along with government administrators and other experts, in order to negotiate contract terms and provisions with the successful bidders.

Experts told media that the Cypriot government could try to improve its cut during the preliminary negotiations, based on the terms proposed by each of the bidders regarding shares between the state and the company.

If negotiations are successful, and provided that the agreed contract per individual block is approved by the cabinet, Hydrocarbon Exploration Licenses shall be granted. Otherwise, runner-up applicants will be invited for negotiations.

The three top bidders have been awarded as follows: Block 6 goes to Eni Cyprus Limited / Total E&P Cyprus B.V., Block 8 goes to Eni Cyprus Limited, and Block 10 given to ExxonMobil Exploration and Production Cyprus (Offshore) Limited / Qatar Petroleum International Upstream O.P.C.

Source: InCyprus