Phil Edwards, Consulting Director of Lloyd’s Register’s energy business says: “We are delighted to be working with CHC and the emerging Cyprus oil and gas industry on this prestigious and critical development. 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.”

The three year contract, with possible extension options, was awarded to Lloyds Register based on its track record and commercial and technical experience in offshore oil and gas developments.  The contract commenced in August 2016.

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 relating to development, production and monetisation of oil and gas resources from Cyprus’ EEZ.

Currently, Cyprus’ 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. It is most likely that a significant portion of energy will be exported, drawing revenue and fostering growth.

Demetris Fessas, Executive Manager of CHC says: “As we continue our journey towards developing Cyprus’ offshore natural resources, our focus is on ensuring we apply the right strategic approach and effectively contribute with all stakeholders towards common objectives. Following a rigorous public procurement tendering process with worldwide interest, we are very pleased to have Lloyd’s Register on-boardas independent commercial advisors to assist us in delivering on our objectives.”

Source: InCyprus