Energy

Papantoniou & Papantoniou LLC advices on a wide range of matters in Energy and Natural Resources Law. The still newborn Energy sector in Cyprus is set to thrive in the following years to come.

Energy

 

The energy sector is a very challenging, competitive and complex sector and the companies evaluate multiple risks (political, financial, geological, economic etc.) on the decision making process. Papantoniou & Papantoniou LLC comprehensive energy sector practice includes oil and gas, power, and renewables practice, providing strategic assistance to clients encompassing the entire energy value chain from oil majors, independents, transportation companies, power generators and utilities, financial institutions and large customers.

 

Oil and gas sector practice

 

Eastern Mediterranean region has become an attractive investment destination due to major discoveries of gas fields. Aphrodite field was discovered in the Exclusive Economic Zone of Cyprus, and production is estimated to start in 2020. Cyprus is at the initial stage in the development cycle and its most immediate priorities will be to develop the Aphrodite field and to continue exploration in the remaining fields. The Ministry of Energy initiated procedures for the third licensing round, thus potentially more fields will be discovered considering the prospective estimations of geological surveys for the area. Consequently, International Oil Companies have already outlined ambitious investment plans for the region. Papantoniou & Papantoniou LLC advises on the full range of upstream, mid-stream and downstream work with key areas of expertise in:

 

  • Licensing; Concessions, and Production Sharing Contracts (PSCs)
  • Joint Ventures and Joint Operating Agreements
  • Drilling and offshore service contracts
  • Disputes settlement (Litigation, Arbitration, ADR)
  • Refining, transportation, and marketing
  • Infrastructure (pipelines, storage facilities, LNG plants and facilities

Power and Renewables sector practice

 

The Republic of Cyprus is a heavily energy-dependent economy (96.4% according to Eurostat for 2013), as it remains predominantly dependent on oil imports for energy consumption. National energy policy goals have been translated already into specific quantitative, binding targets for the country for the 2020 milestone:

 

  • 13% contribution from renewable energy sources in the final use of energy
  • 10% contribution from renewable energy sources in the road transport consumption
  • 5% reduction of greenhouse gas emissions from 2005, for categories outside the scope of the Greenhouse Gas Emission Allowance Trading Scheme
  • 14.5% saving in primary energy consumption.

 

Papantoniou & Papantoniou LLC has solid sector experience in relation to advising on the legal and regulatory frameworks in the power sector. We provide clients with a comprehensive range of commercially focused, timely legal solutions for the power sector, including: M&A; project development and finance; energy reform and restructuring; privatisation advice; risk exposure and risk management;

 

Additionally we provide legal services for renewable projects including wind, solar, hydro, biomass, waste to energy, biogas and geothermal. We offer a range of legal and strategic services; including identifying and managing the legal and commercial issues associated with renewable energy projects advising on legislative impacts and compliance. We advise our clients with commercial awareness considering political, technical, and stakeholder relationship aspects of our clients’ businesses and operations.

Papantoniou & Papantoniou LLC has solid sector experience in relation to advising on the legal and regulatory frameworks in the power sector.