STATUS AND FUTURE CONSIDERATIONS OF THE OIL AND GAS SECTOR IN CYPRUS NIKOLAOS GEORGAKOPOULOS MECHANICAL ENGINEER, MSC IN OIL AND GAS MANAGEMENT ? FINANCE AND INVESTMENT ROUTE

Developments in the Oil and Gas Industry have witnessed a great boost in recent years in Cyprus, an ?energy island?. The present research paper presents the legal framework regulating the Oil sector in Cyprus before proceeding in presenting current and possible future hydrocarbon discoveries within its Exclusive Economic Zone. Simultaneously, political issues in the South-East Mediterranean region, the delimitation of Exclusive Economic Zones and possible export options are being taken into consideration and analyzed in depth. The most prominent way to approach this topic was through studying all the interrelated issues that have an impact on the subject under analysis. The research was based on accumulating multiple data from various sources that were later evaluated. Interviews were held with experts of the SE Mediterranean Oil Sector, Energy Consultants, Economists, Negotiators, and Energy Analysts. Additionally, to ensure a sufficient sample of data, other authorities, oil companies, as well as individuals from other organizations who are actively related to the subject, were approached. The results of the study point that Cyprus is presented with new economic and geopolitical opportunities that through prudent management, cooperation, and the support of the EU could achieve the overall goals of boosting economic growth, developing the Cypriot Oil and Gas Industry, thus playing a key role in reducing the EU?s dependency on energy imports by diversifying supply routes and/or supply sources.