The Great Game

Chrysses Demetriades & Co. LLC hails Cyprus’ success in the 2nd Round of bidding for Offshore Exploration.

11 May 2012 has been a historic day for Cyprus: 15 bidders have submitted applications for the second round of licensing for offshore exploration in the Cypriot exclusive economic zone. In total 15 applications have been submitted for 9 offshore zones, known as “plots”. The applicants included major companies from France, Italy, Russia, Israel, Norway, the UK, the USA and other countries. The government stated that they were extremely happy with the level of participation, which in addition to the proven reserves, estimated at 5-8 trillion cubic feet in plot 12 that was licensed to Noble Energy Inc. of the USA, in a previous round, puts Cyprus on the world energy map.

Our firm, now actively involved in this emerging field of energy law, has advised C.O. Cyprus Opportunity Energy Public Company Limited, owned through a private company by an Israeli Company, Israel Opportunity Oil & Gas Exploration Ltd, the Norwegian Operator AGR Energy AS and Cypriot interests, in legal matters pertaining to their application for two plots and is expected to remain their advisor in Cyprus for the duration of their involvement.

Partner Demosthenes Mavrellis, speaking on prime time TV, stated that the level of success registered in the second round of bidding, which was beyond any expectation, signifies a new chapter in Cypriot history and opens great avenues of opportunity for the legal community and Cyprus in general. He re-iterated the commitment of the Cypriot professional community, and that of Chrysses Demetriades & Co. LLC in particular, in pushing the process forward in a transparent, expedient and equitable way, that will benefit the people of Cyprus and prospective investors alike.

Chrysses Demetriades & Co. LLC is a pioneer in the energy field and is committed to finding innovative solutions for its clients, including representing their interests in Cyprus and particularly with Cypriot regulatory bodies.

For further information please contact:
Demosthenes Mavrellis
Partner
Demosthenes.Mavrellis@demetriades.com
Tel +357 25 800 123