PwC Cyprus was the exclusive gold sponsor of the «European Mediterranean Oil & Gas Exploration & Production Summit» which took place between 24 and 26 September 2012 in Larnaca. The summit focused on the geo- strategic issues of the Eastern Mediterranean and the wider Middle East as well as on financing, commercialisation and issues of technical nature in relation to hydrocarbon exploration.

Given the interest generated by the discovery of natural gas reserves in the Cyprus Exclusive Economic Zone and the Eastern Mediterranean, the conference attracted a large number of government representatives, experts on financing and legal matters as well as executives of leading International Oil Companies (ICOs) who discussed the challenges in energy resource development in the region while exploring the latest innovative technologies and groundbreaking solutions available to maximise return on investment in hydrocarbon resource development and extraction projects.

Among the distinguished speakers were the Minister of Commerce, Industry & Tourism, Mr Neoklis Sylikiotis, the Director of Energy Service of the Ministry, Mr Solon Kassinis as well as Mr Michael Hurley, Global Energy, Utilities and Mining Advisory Leader of PwC who delivered a speech on developing integrated gas projects in the new economic environment.

In his presentation Mr Hurley concentrated on the need for an early participation in such projects of all potential stakeholders in the natural gas value chain such as potential investors in commercialisation solutions as well as parties like energy traders, who will be trading the final product in the global markets. The need for a competitive final price of the new resource was also stressed in what currently appears to be a very competitive global market for natural gas.