This article published in the Cyrus Mail is a RECOMMENDED READ, in my view. Check it out!
So far, the Cyprus Government seems to be very professional in its handling of the exploration for offshore gas and oil. Cyprus knows that because of the financial crisis and bailout from the troika that her international credibility is at a record low. However, Cyprus is holding the wildcards. By combining with a respectable partners like Noble or Total, Cyprus should be able to attract international investment and start gaining financial rewards at the earliest opportunity.
The challenge for the effective development of Cyprus’ offshore oil and gas will be to be to stay “hands-off” and leave it to the professionals, like the global energy companies. There will be jobs down stream but Cypriot students need to get the right degrees from quality universities, and then they need to get experience. If the Cypriot Government starts to apply restrictive quotas for level of Cypriot labor, they will likely slow up the commercialization of the whole offshore gas and oil program. Cyprus must learn from the Middle East and countries like Norway.