Major international oil companies have submitted bids to participate in Cyprus’ third licensing round for three southern offshore blocks adjacent to Egypt’s northern waters. The three Cypriot licensing rounds have encountered a number of challenges. Turkey’s threats to operating firms overshadowed the first licensing round. It threatened to boycott IOCs operating in Cypriot waters. It did not allow the IOCs to take crude oil from Turkish ports. The IOCs were also not allowed to distribute petroleum products in the Turkish market. Turkey has boycotted Eni but the Italian firm challenged the decision in court and the dispute is being adjudicated. The second licensing round occurred during the Cypriot financial crisis that involved the collapse of two major local banks. The third licensing round has been taking place during the global price collapse. Oil firms […]