6.250
%
Positive
49
mm boe
0
%
Given the limited law relating to O&G and the world scale size of the prospects, we believe that while relatively benign currently, that the government will increase its take as it compares itself internationally.
April 1, 2024
Middle East
mm bbl
bcf
Middle East, island in the Mediterranean Sea, south of Turkey; note - Cyprus views itself as part of Europe; geopolitically, it can be classified as falling within Europe, the Middle East, or both.
Multiple (PSC/Concession)
There are currently no specific tax laws on hydrocarbon exploration and exploitation activities in Cyprus, and the general (corporate) tax laws in force are applicable. The definition of the terms “Cyprus Republic” and “permanent establishment” includes all activities relating to the exploration and exploitation within Cyprus territorial sea as well as within any area outside the territorial sea, including the contiguous zone, the exclusive economic zone and the continental shelf.
The Republic of Cyprus (RoC), which was established in 1960, is a full member of the EU and the Eurozone. The island remains divided since 1974, when a Greek-sponsored coup d’état was followed by an invasion of Turkish forces which occupied the northern one-third of the island. Efforts to resolve the problem and reunite the country have failed so far. The self-declared ‘Turkish Republic of Northern Cyprus’ (‘TRNC’) is not recognised by UK or the international community, except Turkey. Recent "sabre rattling" by the Turkish government has created a significant regional instability, and although both Greece and Turkey are members of NATO, tensions remain high.
Source: ESRI, Heritage Index, HMG Foreign & Commonwealth Office, US Department of State, International Trade Administration, International Law Review, Ernst & Young, Wood Makenzie & OGA data.
© 2024 Oil & Gas Advisors Limited
Website by Rugby Web Design
