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Cyprus signs deal with Qatar Petroleum, ExxonMobil

Qatar Petroleum and ExxonMobil have a signed an exploration and production sharing contract with the government of Cyprus for offshore Block 10.

Saad Sherida Al-Kaabi, president and chief executive officer of Qatar Petroleum.
Saad Sherida Al-Kaabi, president and chief executive officer of Qatar Petroleum.

Qatar Petroleum and ExxonMobil have signed an exploration and production sharing contract with the government of Cyprus for offshore Block 10.

The signing of the contract follows the successful bid for exploration drilling awarded to the consortium of Qatar Petroleum and ExxonMobil.

According to Qatar News Agency, a 3D seismic survey is already underway, as the consortium partners prepare to begin drilling work in 2018.

The consortium will also help the government of Cyprus build national skills relevant to the oil and gas industry.

Commenting on the contract, Saad Sherida Al-Kaabi, president and chief executive officer 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.”

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Aug 03, 2019