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