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.