“Unlocking cleaner energy for Europe and the region”

About us

About Us

The Cyprus Hydrocarbons Company (CHC) is the National Oil and Gas Company of Cyprus. It was established in its present form in March 2014. As a state-owned company, CHC is responsible for the commercial management of the upstream hydrocarbon ownership rights of the Republic of Cyprus that arise from the Production Sharing Contracts (PSCs), and will manage any commercial participation by the Republic of Cyprus in midstream infrastructure projects such as pipelines and land-based LNG.
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Our Vision

Optimum exploitation of hydrocarbons reserves and offshore renewable energy sources present in the Exclusive Economic Zone of the Republic of Cyprus in order to maximize the benefits of for the Cypriot Society and for future generations.
The company’s vision is compatible with the policy established by the Council of Ministers.

Legal Status

The Cyprus Hydrocarbons Company is prescribed by the Council of Ministers as the legal entity responsible for the management of the Republic’s participation in the activities of prospecting, exploring and exploiting hydrocarbons, based on Article 16 of the Hydrocarbons (Prospection, Exploration and Exploitation) Law of 2007.

The National Hydrocarbons Company was established through the Council of Ministers’ decision no. 73.493, dated 2.5.2012, as a private limited liability company with the mandate to act as the commercial arm of the Republic of Cyprus, marketing the island’s share of any future hydrocarbons production and holding the government’s share in oil and gas infrastructure projects.

The Council of Ministers’ decision no. 75.903, dated 16.10.2013, defined the provisions of the company’s Articles of Association and officially authorized the company to undertake the management of the participation of the Republic of Cyprus in activities of prospection, exploration and exploitation of the Hydrocarbons.

CHC was set up in its present status on March 2014. The Company has a Board of seven (7) Non-Executive Directors that are appointed by the Ministerial Council and is managed by an Executive Team of highly professional members covering skill sets from Geoscience to Production Engineering and Commercial Management.

The Council of Ministers, through its decision on 21st June 2022 approved amendments to the company’s Roles and Responsibilities which further clarified its mandate regarding hydrocarbon activities and introduced new responsibilities regarding support of the Government’s Green Economy objectives.

 

Responsibilities

  • The commercial management of the ownership rights of the Republic of Cyprus (RoC) arising from the Production Sharing Contracts (PSCs).
  • Participates in the negotiations with potential Contractors for the conclusion of PSCs in support of the Ministry of Energy, Commerce, and Industry (MECI).
  • Evaluates reports and deliverables provided by the Contractors in the PSCs, including Appraisal Reports and Field Development Plans in support of MECI.
  • Evaluates the potential of hydrocarbons in the EEZ of the RoC, evaluate the results of drilling activities, and conduct an economic analysis to evaluate the options and commerciality of hydrocarbon discoveries, in consultation with MECI.
  • Undertakes the management of assets for Contractors whose activities and PSC have been terminated, following the Council of Minister’s approval.
  • In relation to the Energy Transition, evaluates the potential and commerciality of offshore renewable energy sources in the EEZ of the Republic, and evaluates CO2 transport and geological storage potential in the EEZ of the Republic, in conjunction with MECI.
  • Evaluates the potential for commercial participation of the RoC in upstream gas pipelines and natural gas liquefaction infrastructure, following guidelines from the Minister of Energy.
  • Manages the ownership rights to upstream gas pipelines and liquefied natural gas infrastructure that the RoC holds or acquires, following guidelines from the Council of Ministers.
  • Participates or engages in hydrocarbon exploration and exploitation activities, following approval from the Council of Ministers.