Qatar Petroleum, ExxonMobil sign contract with Cyprus

Qatar Petroleum and ExxonMobil have recently signed an exploration and production sharing contract with the Government of the Republic of Cyprus for offshore Block 10. Before the signing ceremony, the President of the Republic of Cyprus, His Excellency Nicos Anastasiades received at the Presidential Palace in Nicosia Mr. Saad Sherida Al-Kaabi, the President and CEO of Qatar Petroleum along with Andrew Swiger, Senior Vice President and Principal Financial Officer of ExxonMobil.
Discussions during the meeting focused on 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.
The contract was later signed in the presence of H.E. Mr. Yiorgos Lakkotrypis, the Cypriot Minister of Energy, Commerce, Industry and Tourism, as well as the Cypriot ministers of Labour, Finance and Foreign Affairs. Also in attendance were Qatar’s ambassador Mr. Sultan bin Ibrahim Al Mahmoud, and the American ambassador Mrs. Kathleen A. Doherty.
Mr. Saad Sherida Al-Kaabi, the President and CEO of Qatar Petroleum 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”.
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.
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