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ARTICLE · 03 JULY 2006

Developments In The Cypriot Offshore Oil and Gas Industries

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The reported existence of oil and natural gas reserves off the coast of Cyprus has prompted the Republic of Cyprus to introduce modern legislation to regulate the oil and gas sectors and to claim the Exclusive Economic Zone of the island in accordance with the United Nations Law of the Sea Convention.

CyprusTransport
Panayiotis Neocleous
Panayiotis Neocleous
Costas Stamatiou
Costas Stamatiou
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The reported existence of oil and natural gas reserves off the coast of Cyprus has prompted the Republic of Cyprus to introduce modern legislation to regulate the oil and gas sectors and to claim the Exclusive Economic Zone of the island in accordance with the United Nations Law of the Sea Convention.

In this respect, the Contiguous Zone Law of 2004 and the Exclusive Economic Zone Law of 2004 have been adopted.

The Republic of Cyprus has jurisdiction within its exclusive economic zone over, inter alia, the exploration and exploitation of all natural resources, the waters, the sea bed and the sub-sea bed as well as the production of energy.

Bilateral agreements

A bilateral agreement between the Republic of Cyprus and the Arab Republic of Egypt on the Delimitation of the Exclusive Economic Zone was ratified in 2003.

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