The third offshore licensing round of Cyprus for blocks 6, 8 and 10 was completed on 22 July with the country receiving a total of six bids, according to a GlobalData report.

Entitled ‘Q3 2016 Global Bid Round Outlook – Cyprus’ 3rd Round Bidding Marks First of the Quarter’, the report states that block 6 received a joint bid from Eni and Total, while block 8 was recipient of two bids from Eni and a consortium comprising Cairn and Delek Group. The remaining blocks received interest from Statoil, a consortium of ExxonMobil and Qatar Petroleum, and the Eni-Total consortium.

"The global outlook for bid rounds forecasts that six more bids will be closed in Q3 2016."

The global outlook for bid rounds forecasts that six more bids will be closed in Q3 2016 with the highest number of blocks (4,399) being offered in the Lease Sale 248 in the US followed by the APA 2016 in Norway (463 blocks) and License Round 2016 in the Congo Republic (13 blocks).

The six bid rounds to be closed in the third quarter comprise Lease Sale 248, Egyptian General Petroleum Corporation International Round 2016, Indonesia’s 2016 Direct Proposal Tender Round, 2016 Block Offer in New Zealand, and License Round 2016.

A likely change in Congo’s hydrocarbon laws has led to delays in the due date of License Round 2016, which was initially pushed to June 2016 only to be further delayed to the end of September 2016, states the GlobalData report.

The Egyptian General Petroleum Corporation will introduce a price-based mechanism for the first time during its bidding round in Q3 2016. It will offer a profit-sharing framework that will be decided by oil prices and production rates.