PwC Cyprus was the lead sponsor of «The Cyprus - EU Presidency Summit» entitled «Leadership strategy for stability, progress and prosperity in Europe» organised on 8 and 9 October 2012 in Nicosia.
The summit which was co-organised by The Economist, the European Parliament office in Cyprus and the European Commission Representation in Cyprus, was held under the auspices of the Cyprus Presidency of the Council of the European Union 2012.
The primary objective of the summit was to show how the Cypriot presidency can contribute towards the fulfilment of Europe’s vision and objectives. The summit attracted distinguished speakers from Cyprus and abroad, who focused on sustainable development, measures for the stabilisation of the European economy and economic governance. The summit also focused on employment issues, poverty and social exclusion, climate change, the new energy landscape as well as on subjects related to Europe’s growth and prosperity.
The summit’s second day dealt with energy matters and was addressed by the Minister of Commerce, Industry and Tourism, Mr Neoklis Sylikiotis who in his speech stressed the success of the 2nd licensing round in Cyprus since a significant number of very reputable IOCs decided to participate. Mr Sylikiotis further added that the technical and financial assessment of all these companies by the government’s advisors is now complete. The Minister also repeated the government’s decision to establish onshore Cyprus an LNG plant, an investment in excess of 7 billion euros.
Mr Ian Lefebure, Director of PwC in his presentation referred to the risks and required investments of complicated exploration and production projects and pointed out that the key to success of such projects is the alignment of interest between the government and the IOCs. The global experience of PwC in such projects in the areas of PSAs and cost recovery was shared and it was mentioned that such agreements should give economic and fiscal stability to parties involved as well as offer adequate clarity to these parties.
Commenting on the second licensing round, Ian Lefebure said that it is really promising for Cyprus that so many companies have shown interest. It provides the opportunity for the government to select partners that have adequate financial means as well as the technical ability to carry out deep sea drilling projects in other offshore blocks in the Cypriot EEZ. This can bring maximum value to the government and to the project as a whole.
The summit which was co-organised by The Economist, the European Parliament office in Cyprus and the European Commission Representation in Cyprus, was held under the auspices of the Cyprus Presidency of the Council of the European Union 2012.
The primary objective of the summit was to show how the Cypriot presidency can contribute towards the fulfilment of Europe’s vision and objectives. The summit attracted distinguished speakers from Cyprus and abroad, who focused on sustainable development, measures for the stabilisation of the European economy and economic governance. The summit also focused on employment issues, poverty and social exclusion, climate change, the new energy landscape as well as on subjects related to Europe’s growth and prosperity.
The summit’s second day dealt with energy matters and was addressed by the Minister of Commerce, Industry and Tourism, Mr Neoklis Sylikiotis who in his speech stressed the success of the 2nd licensing round in Cyprus since a significant number of very reputable IOCs decided to participate. Mr Sylikiotis further added that the technical and financial assessment of all these companies by the government’s advisors is now complete. The Minister also repeated the government’s decision to establish onshore Cyprus an LNG plant, an investment in excess of 7 billion euros.
Mr Ian Lefebure, Director of PwC in his presentation referred to the risks and required investments of complicated exploration and production projects and pointed out that the key to success of such projects is the alignment of interest between the government and the IOCs. The global experience of PwC in such projects in the areas of PSAs and cost recovery was shared and it was mentioned that such agreements should give economic and fiscal stability to parties involved as well as offer adequate clarity to these parties.
Commenting on the second licensing round, Ian Lefebure said that it is really promising for Cyprus that so many companies have shown interest. It provides the opportunity for the government to select partners that have adequate financial means as well as the technical ability to carry out deep sea drilling projects in other offshore blocks in the Cypriot EEZ. This can bring maximum value to the government and to the project as a whole.
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