Oil and gas exploration in Cyprus are in their early stages. In 2011, Cyprus confirmed momentous offshore reserves of approximately seven trillion cubic feet of natural gas resulting in the development of promising energy strategies. The discovery of remarkable natural gas reserves in Block 12 (within Cyprus's Exclusive Economic Zone, ‘EEZ’) signalled noteworthy petroleum and natural gas potentials in the region, and acquired a lot of attention internationally, while creating a lot of optimism on the national level 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 offshore reserves are ready for exploitation.
It follows without doubt that these Oil and Gas developments in Cyprus imply the necessity for increasing support to businesses aiming for a strong establishment in this sector.
Our firm has significant knowledge and experience, with expertise ranging from power procurement and sales, real estate and land use, business and corporate finance, to intellectual property, litigation, government relations and public policy, and regulatory matters and tax, including incentives and credits. Our attorneys can help companies that outsource all of their legal work, or fill the gap for companies when their in-house counsel needs additional support in these highly technical areas.
We place strong emphasis 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
Joint Operating Agreements
Stock Purchase Agreements
Energy M&As, shareholders relationships and corporate transactions
Energy dispute resolution and litigation
Oil and Gas commercial transactions drafting and advise
Electricity production and distribution licensing and regulation
Competition issues in energy markets, abuse of dominance
Public Procurement legal issues
Governmental authorities and bodies – Their role in the activities and the extent of state participation in the activities