Lloyd’s advising Cyprus on upstream offshore gas matters

Offshore staff

LONDON – Cyprus’ national oil and gas company, Cyprus Hydrocarbons Co. (CHC), has appointed Lloyd’s Register as independent commercial advisor for its commercial exploitation of hydrocarbons in the exclusive economic zone (EEZ) of the Republic of Cyprus.

Phil Edwards, consulting director of Lloyd’s Register’s energy business, said: “Our work includes a number of activities such as assisting CHC in realizing its options and strategies for successful development of the EEZ, and crucially assisting in hydrocarbon sale discussions and agreements with upstream operators and partners active in the Cyprus EEZ.”

The three-year contract, with extension options, started last month.

As a state-owned company established in 2012, CHC has the mandate to act as the commercial arm of the government of Cyprus on matters concerning development, production, and monetization of oil and gas resources from Cyprus’ 15,000-sq km (5,792-sq mi) EEZ.

This currently includes 13 exploration blocks to the south of the island, which could hold up to 60 tcf of gas. If proven, much of this resource would likely be exported.

Cyprus’ strategic geographical location at the crossroads between Europe, Asia and Africa makes it well suited to serve as an energy supplier to the Eastern Mediterranean region, Lloyd’s added.

09/07/2016

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