Lloyd’s Reg­is­ter to ad­vise CHC on oil and gas sales

Financial Mirror (Cyprus) - - FRONT PAGE -

Cyprus Hy­dro­car­bons Com­pany (CHC), the na­tional oil and gas com­pany of Cyprus, has named Lloyd’s Reg­is­ter as in­de­pen­dent com­mer­cial ad­vi­sor for its com­mer­cial ex­ploita­tion of hy­dro­car­bons in the Ex­clu­sive Eco­nomic Zone (EEZ) of the Repub­lic of Cyprus.

“Our work in­cludes a num­ber of ac­tiv­i­ties such as as­sist­ing CHC in re­al­is­ing 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,” said Phil Ed­wards, Con­sult­ing Di­rec­tor of Lloyd’s Reg­is­ter’s en­ergy busi­ness.

The three year con­tract, with pos­si­ble ex­ten­sion op­tions, was awarded to Lloyds Reg­is­ter based on its strong track record and com­mer­cial and tech­ni­cal un­der­stand­ing of off­shore oil and gas de­vel­op­ments. The con­tract com­menced in Au­gust. As a state-owned com­pany es­tab­lished in 2012, CHC has the man­date to act as the com­mer­cial arm of the govern­ment on mat­ters re­lat­ing to de­vel­op­ment, pro­duc­tion and mon­eti­sa­tion of oil and gas re­sources from Cyprus’s EEZ.

Cur­rently, Cyprus’s 15,000- square kilo­me­tre EEZ has 13 ex­plo­ration blocks lo­cated to the south of the is­land. Some es­ti­mates sug­gest that that Cyprus could be sit­ting on 60 tril­lion cu­bic feet (Tcf) of gas.

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