Qatar Petroleum and ExxonMobil signed an exploration and production sharing contract with Cyprus for offshore Block 10, the Gulf state energy firm said.
The signing of the exploration and production sharing contract for offshore Block 10 in south-west of Cyprus, followed the successful bid which was recently awarded to the consortium of Qatar Petroleum and ExxonMobil.
A 3D seismic survey is already underway, as the consortium partners prepare to begin exploration drilling in 2018.
The consortium will also work with the government of Cyprus to help build national skills in the oil and gas industry.
A meeting between Cyprus’ President Nicos Anastasiades and Saad Sherida Al-Kaabi, CEO of Qatar Petroleum and Andrew Swiger, senior vice president and principal financial officer of ExxonMobil took place this week, during which the parties discussed current and future cooperation in the energy field and the contract, which sets the terms for exploring the hydrocarbon potential in Block 10 offshore the Mediterranean Island.
Al-Kaabi said “this agreement expands our international upstream footprint into the eastern Mediterranean for what we hope is one of the most promising opportunities in the area”.
“We look forward to working with the esteemed Government of Cyprus along with our long-term partners, ExxonMobil, in this exciting prospect to bring greater benefit to the country,” he added.