Renewable Energy
Despite the fact that Cyprus statistically has the best solar to energy output ratio from all the EU countries, solar related technologies as well as renewable energy technologies in general are something quite new for Cyprus who still relies on heavy mazut for its electricity production.
While up to 2008, Cyprus was still a completely virgin market for renewable energy (almost 0%) with no real incentives given for investors to set up, it was during the service of the firm's Senior Partner Antonis Paschalides as Minister of Commerce Industry and Tourism (also Minister responsible for Energy) from 2008 to 2011 that Cyprus saw its biggest advances in the field. A complete turnaround to the policy on incentives for development of renewable energy projects saw a rapid change and by the time of his resignation from office in August 2011 renewable energy sources had reached a 9% of the country's energy production and had even played an important role in the management of the energy crisis after the destruction of Cyprus' main power station in July 2011.
Although only small scale production licenses were made available by the Government of Cyprus, Antonis Paschalides & Co LLC has assisted a number of clients with the setting up of such projects.
The biggest exposure and experience acquired by the firm was through projects set up by clients outside Cyprus, which have included technologies involving solar energy, wind energy and even bio energy.
Natural Gas & Oil
On 28th December, 2011 Noble Energy International and the Government of Cyprus officially announced a successful drill in Plot No.12 in the Exclusive Economic Zone of Cyprus. A conservative estimate of the deposits was given in the amount of 7 tcf (trillion cubic feet) of natural gas, approximately worth US$100 billion.
On 9th January, 2012 the Government of Cyprus declared the commencement of the 2nd Round of Licensing for another 12 plots in its Exclusive Economic Zone.
The experience and recognized positive involvement of Senior Partner Antonis Paschalides in the recent energy events taking place in Cyprus, including the signing of a production sharing agreement with Noble Energy International in October 2008 and an agreement determining the Exclusive Economic Zones of Cyprus and Israel in December 2010, were very significant in the evolvement the firm's Energy Law department (previously dealing only with renewable energy) as one of the leading and most knowledgeable law firms in Cyprus on matters of natural gas and oil.
As Minister responsible for energy matters, Antonis Paschalides was directly involved in all phases which preceded the successful drill in Plot No.12, from survey stage to negotiations and finally drilling, and it is this experience that Antonis Paschalides & Co LLC brings to the table for clients involved in the gas and oil industry.
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