The main responsibilities of the Hydrocarbons Service are related to the prospection, exploration and exploitation of hydrocarbons in the territory of the Republic of Cyprus, not only at a regulatory level but at an operational level as well, and for strengthening the geostrategic role of Cyprus in the region:
Development of international relations
The Hydrocarbons Service, in cooperation with the Ministry of Foreign Affairs, aims at strengthening the geostrategic role of Cyprus in the region through a) promotion of a stable investment climate in the region and therefore of investments in the hydrocarbons’ sector, b) participation and organization of seminars and meetings with other countries on aspects related to hydrocarbon exploration and exploitation, and c) by actively participate in the EU’s initiative for the establishment of the Euro-Mediterranean Gas Platform (EMGP).
Policy creation and coordination and legislative framework
All activities related to the hydrocarbon exploration and exploitation are performed in line with the relevant international, European and national legal framework and the international best practices applied by the oil and gas industry. The Hydrocarbons Service is in close cooperation with other competent authorities for monitoring the implementation of the relative legislation, as well as for updating the national legislation.
Monitoring and supervision of hydrocarbon activities
The Hydrocarbons Service is primarily dealing with the monitoring and verifying compliance of the licensees with their contractual obligations and by supervising the implementation of their exploration and exploitation programs.
Development of skills and knowledge of the public sector for the hydrocarbons
The Hydrocarbons Service also deals with more specialized issues regarding the interpretation, the management and storage of sensitive data, requiring thus additional resources in infrastructure related to technology as well as skilled personnel. In addition, having in mind that the national labour force, in order to support the emerging oil and gas industry in Cyprus, need to obtain the relative skills, knowledge and expertise, the Hydrocarbons Service is assessing these needs and is developing the necessary training and educational programs to achieve this goal.