ExxonMobil and Qatar Petroleum to Explore Offshore Cyprus
Exxon Mobil Corporation and Qatar Petroleum today announced that they have signed an exploration and production sharing contract with the Republic of Cyprus for offshore Block 10.
“ExxonMobil and our partner, Qatar Petroleum, have a successful history of developing gas resources,” said Andrew Swiger, senior vice president of Exxon Mobil Corporation. “We appreciate our strong working relationship with the Ministry of Energy, Commerce, Industry and Tourism, and look forward to working with the government of Cyprus to evaluate and realize the country’s hydrocarbon potential.”
Mr. Saad Sherida Al-Kaabi, 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”. “We look forward to working with the government of Cyprus along with our partner ExxonMobil in an effort to bring greater benefit to the country,” Mr. Al-Kaabi added.
The contract includes a commitment from the ExxonMobil-Qatar Petroleum consortium to acquire 3-D seismic data, drill two exploration wells in the first license period and work with the government of Cyprus to build skills and strengthen understanding of the petroleum business through focused training programs. The companies have begun planning for drilling operations and intend to drill a first exploration well in 2018.
Block 10 is an offshore block located south-west of Cyprus. ExxonMobil Exploration and Production Cyprus (Offshore) Limited, a subsidiary of Exxon Mobil Corporation, and Qatar Petroleum International Upstream O.P.C., a subsidiary of Qatar Petroleum, will carry out the work program.