Cyprus seeks advice on commersialisation of gas reserves - Cyprus Profile

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Articles | 03 March 2016

Cyprus seeks advice on commersialisation of gas reserves

Cyprus Hydrocarbons Company (CHC) has issued a tender to receive commercial advisory services for the successful exploitation of hydrocarbons found or to be found, within Cyprus EEZ.

In an open procedure CHC, seeks a special advisor with a long commercial and technical knowledge in the oil and gas sector.

The contract to be signed with the successful bidder, will have three year duration, with the option for two renewals of one year each, and will have a €6,500,000 total maximum value limit. However, the actual value will be defined as the contract evolve according to the needs that arise in research and exploitation of hydrocarbons in the Cypriot EEZ. The bidding deadline expires on April 11, 2016.

The CHC is currently in discussions with the consortium, Noble Energy, BG Group and Delek for the development plan of the deposit ‘Aphordite’, with a mean gross natural gas resource of 4.5 Tcf.

According to the tender, the Commercial Advisor is expected to have sufficient commercial expertise and technical understanding in offshore oil and gas developments to support CHC in taking commercial decisions regarding the exploitation of current and potential hydrocarbons reserves discovered in Cyprus EEZ.

The Advisor should provide assistance in the successful monetization of current and potential hydrocarbon reserves within Cyprus EEZ and more specifically in monetization options, definition of monetization strategy, realization of monetization strategy and implementation of hydrocarbons sales agreements.

At the same time the Advisor should Assist CHC in discussions and agreements with upstream operators and Partners in Cyprus EEZ, including assessment and advice on plans submitted by upstream operators and setting up appropriatestructures/agreements with upstream partners. The contractor should also provide support in any other need that may arise from current or future responsibilities of CHC.

The successful bidder should have a minimum of 25 year experience in commercial advisory services in the oil and gas sector, including gas sales and pipeline infrastructure.

Source: Famagusta Gazette

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