Cyprus Energy Sector Law
Cyprus is poised to become a regional energy hub, in turn boosting economic growth & development.
Cyprus is geared to become a new leading energy hub in the region, well positioned to facilitate the massive European market with energy needs. This primarily incorporates two key elements.
Firstly, continued advancements in renewable energy, namely solar, wind and tidal energy production. This is heavily backed by European programmes and schemes, including infrastructure funds and incentives for new developments in this field. Indeed, Cyprus has an abundant of natural renewable energy sources, and year-round. Cyprus is already the world’s leading nation per capita for solar-powered hot water systems. This can now be further enhanced by generating more energy from natural sources.
Secondly, and more importantly for the interim economy, newly found natural gas & petroleum reserves in Cyprus’ Exclusive Economic Zone (EEZ). Cyprus is already facilitating a search for gas deposits in the east Mediterranean seas basin, where huge natural gas reserves have been discovered. Cyprus has such agreements existing with neighbouring countries Israel, Egypt and Lebanon, meanwhile contracts for some of the blocks have been given to some of the world’s largest companies.
Of what is already known, gas reserves in Cyprus’ Exclusive Economic Zone should be significant. According to Noble Energy – the company responsible for the first exploration and drilling in the Leviathan area – the findings represent the largest exploration success in the company's history, with gross mean resources of 16 tcf of natural gas. The company is actively studying multiple export options for the natural gas, including both LNG and pipeline scenarios through to Europe. This will no doubt drive massive direct and indirect economic spill over for the future.
MS Lawyers are heavily investing in all forms of energy sector law, to be well positioned to service the legal requirements of those directly involved in the natural gas & petroleum projects, renewable energy projects, as well as other linked industries.
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