Hydrocarbons (Prospection, Exploration and Exploitation) Law, 2007 (Law No. 4(I)/2007).

With the purpose of harmonizing the Cypriot legislative framework with EU Directive 94/22/EC, the present Law provides for the prospection, exploration and exploitation of hydrocarbons in the republic of Cyprus. Article 3 establishes that the ownership of hydrocarbons wherever they are found in Cyprus, including the territorial waters, the continental shelf and the Exclusive Economic Zone of the Republic, shall be deemed to be and always to have been vested in the Republic. The law consists of 35 articles as follows: Short title (art.1); Interpretation (art. 2); Ownership of hydrocarbons (art. 3); Determination of the areas for the exercise of the activities and refusal to allow access to the activities on grounds of national security (art. 4); Grant of authorizations and conditions under which they are granted (art. 5); Establishment of an Advisory Committee (art. 6); Meetings of the Advisory Committee and procedure to be followed (art. 7); Functions of the Advisory Committee (art. 8); Powers and obligations of the Advisory Committee (art. 9); Procedure for examining the application by the Advisory Committee (art. 10); Environmental impact study (art. 11); Criteria for the evaluation of the applications (art. 12); requirements for granting authorizations (art. 13); Grant of rights to the holders of authorizations (art. 14); Duration of validity of an authorization (art. 15); State’s participation in the activities of prospecting, exploring for and exploiting hydrocarbons (art. 16); Information that has to be provided by the holders of an authorization (art. 17); Report to the Commission (art. 18); Authorized officers (art. 19); Confidential information and confidentiality of the received information (art. 20); Criminal offences in contravention of the provisions of section 19 (art. 21); Prospection, exploration or exploitation of hydrocarbons without an authorization or in contravention of the terms of an authorization (art. 22); Revocation, suspension and cancellation of an authorization (art. 23); Exemption from the provisions of section 22 (art. 24); Criminal liability of officials of legal persons (art. 25); Powers of the Court for seizure and confiscation (art. 26); Transfer of an authorization or assignment of rights arising from an authorization (art. 27); Control of a holder of authorization by a third country or a national of a third country (art. 28); Refusal for granting an authorization to an entity controlled by a third country or a national of a third country (art. 29); Power to make Regulations and Orders (art. 30); Administrative fine (art. 31); Jurisdiction of the President of the District Court (art. 32); Transfer of powers and/or duty of the Minister to an authorized person (art. 33); Repeal of Law No. 99(I) of 2004 (art. 34); Transitional provision (art. 35).