Cyprus: Oil Exploration (Taken Question)

Question: The Republic of Cyprus has recently announced a partnership to obtain oil and gas exploration licenses in the Mediterranean Sea. What is the United States’ position on Cyprus’ request for bids? Is a US-based company among the bidders? Does the US company need to consult with the U.S. government before submitting its bid?

Answer: The Republic of Cyprus (ROC) has announced the results of bids to obtain oil and gas exploration licenses in Cyprus' exclusive economic zone. An American firm is among the bidders. The ROC is a sovereign nation with the right to request bids for oil exploration within its own economic zone. The involvement of U.S. firms in such investment is a business decision.