The Energy Practice Group of our firm advises on a wide range of local and international energy projects.
Important multinational players of the energy industry recently made substantial natural gas discoveries in the EEZ of Cyprus. Cyprus undoubtedly has significant potential to play a key role as an energy hub in the Mediterranean.
In 2019 Cyprus granted the first hydrocarbon exploitation licence for the Aphrodite field to the consortium of Noble Energy, Shell and Delek for 25 years. It is envisaged to transfer gas to a liquefaction facility in Egypt and, subsequently, export it to Europe as LNG. The licence is based on a revised Production Sharing Contract and Concession Agreement between Cyprus and the said consortium.
Once again Cyprus is at the heart of a region experiencing an exciting growth story for producers of natural gas, following such gas discoveries in its EEZ. New exploration and exploitation in Cyprus as well as the wider region can have tremendous strategic benefits – including for climate, energy security and industrial competitiveness – both in the Eastern Mediterranean and the European Union.
There has also been remarkable progress in the development of renewable energy projects, including photovoltaics and wind farms. Electricity from renewable sources is widely encouraged in Cyprus through several local and EU policies that support development, installation and use of RES installations.
Please find below an outline of the services offered by our Energy Practice Group.
Please do not hesitate to contact us if you have any question or require any assistance in such matters.