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Cyprus oil

Local company signs $10 million survey contract

The Beirut-based firms, Energy & Environment Holding (EEH) and Petroserv, are taking part in a new survey to be conducted by US firm NEOS over Cyprus to collect three dimensional data about oil and gas.

The deal was signed last week with the Government of Cyprus, for a value of $8-$10 million. EEH, chaired by Roudi Baroudi, is investing in this deal and is playing the role of an investment vehicle for other investors. Petroserv will act as a subcontractor as it has extensive knowledge in the field, due to its participation in the local Cedars Oil survey.

“A three-dimensional map of the island nation’s onshore and near-shore oil and gas prospects will be created to complement work that has already been done and enhance the available data,” said Baroudi.

Investors will recover the cost by selling the data to interested parties, according to Baroudi.

Besides the onshore and near-shore survey, the agreement also contains an option for NEOS to expand its work offshore into deeper waters.

EEH specializes in business planning, financial evaluation, investment promotion and energy management. Petroserv’s main services include contract analysis, project implementation, and marketing.