Oil & Gas
Oil and gas exploration in Cyprus is in its infancy.
In 2011, Cyprus confirmed momentous offshore reserves of approximately seven trillion cubic feet of natural gas resulting to the development of promising energy strategies. The discovery of remarkable natural gas reserves in Block 12 (within Cyprus's Exclusive Economic Zone ("EEZ")) signaled noteworthy petroleum and natural gas potentials in the region, and acquired lot of attention internationally while creating locally a lot of optimism about the future. It marked a transition for Cyprus from a relatively small importer, to a significant potential producer and exporter, deeming the conditions for exploitation and production of oil and gas in Cyprus significantly attractive by major energy providers.
However, Cyprus is still highly dependent on imported oil for its energy consumption. Nonetheless, this dependence is expected to be catalytically reduced through the import of natural gas, up until the reserves offshore Cyprus are ready for exploitation.
It follows without doubt that these Oil & Gas developments in Cyprus imply the necessity for increasing support to businesses aiming for a strong establishment in this sector.
Our law firm recognises the great challenges in Cyprus that confront energy companies and their suppliers – from the Production Sharing Contract ("PSC") negotiation stage through to production – in relation to the rules and regulations specific to the oil & gas sector. Concurrently we are committed to provide legal services associated with the Oil and Gas industry and the growing demands of multinational companies for precise legal advice regarding the exploitation and distribution of natural gas.
Our main focus is to offer a wide spectrum of legal advice on the commercial, legal and regulatory challenges related to the oil and gas developments in Cyprus. We strive to provide a fully precise understanding of the status of the hydrocarbons industry in Cyprus while informing our clients as accurately as possible on the legal aspects of the Oil and Gas industry from Cyprus perspectives in line with EU and International energy policy objectives and regulations. We focus on helping each and every one of our clients to detect and exploit effectively every profitable opportunity.
We place strong emphasis on the advisory services on the legal aspects related to the Oil and Gas industry from the standpoint of Cyprus, including but not limited to:
- Corporate energy matters, such as corporate structuring, taxation and governance
- Hydrocarbons exploration and exploitation, licensing and regulatory issues
- Oil and Gas commercial transactions
- Joint Operating Agreements
- International Drilling and Service Contracts
- Natural Gas Sales Agreements
- Natural Gas Pipeline Transportation
- LNG Project Development – Potential in newly producing countries, risks and shipping,
- Stock Purchase Agreements
- Energy M&As, shareholders relationships and corporate transactions
- Energy dispute resolution and litigation
- Investment protection advice, counsel and dispute resolution
- Competition issues in energy markets, abuse of dominance
- Governmental authorities and bodies – Their role in the activities and the extent of state participation in the activities,