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Cyprus 2016 3rd licensing round launch

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19 May 2016

Cyprus 2016 3rd licensing round launch

Report summary

Cyprus is offering three large, undrilled deepwater blocks on-trend with recent giant gas discoveries in Cyprus, Israel and Egypt. The authorities are looking to capitalise on Eni’s play-opening Zohr discovery, which will draw companies to the multi-tcf potential that could exist in other Miocene Carbonate structures in Cypriot waters. Despite the tempting prospectivity, the fiscal terms will need to take into account the commercialisation challenges. There is no existing infrastructure or meaningful local gas market that would allow the swift monetisation of any discovery. Value creation will be heavily dependent on securing access to export markets. Cost recovery and profit share are the two items that will primarily dictate government share, but the size of signature bonus will be the most public indication of interest in the acreage.  But with few able offer large short-term financial commitments, this could lead to some aggressive bidding on the profit-based fiscal terms.

Table of contents

  • High hopes from recent big gas finds, but market access will be crucial
  • Acreage on offer
    • Timeline
    • Data
    • Evaluation process
  • Prospectivity analysis
    • Fiscal regime
    • Big gas required to create value
    • Round expectations
    • Development assumptions
    • Price assumptions

Tables and charts

This report includes 13 images and tables including:

  • Criteria for success
  • Three blocks on offer in deepwater Cyprus
  • Summary of offered acreage
  • Neighbouring discoveries
  • Exploration history of relevant blocks
  • Timeline: 300 days
  • Data availability
  • Biddable parameters
  • Fiscal benchmarking of comparable terms
  • Round 2 terms under different gas prices
  • Potential 4.5 tcf discovery on Block 8 - IRR
  • Potential 9 tcf discovery on Block 10 - IRR
  • Cyprus 2016 3rd licensing round launch: Table 6

What's included

This report contains:

  • Document

    Licensing round open.xls

    XLS 292.50 KB

  • Document

    Cyprus 2016 3rd licensing round launch

    PDF 501.56 KB

  • Document

    Cyprus 2016 3rd licensing round launch

    ZIP 584.37 KB