Qatar Petroleum, Exxon Mobil sign E&P PSA contract with Cyprus

DOHA — Qatar Petroleum and Exxon Mobil signed an exploration and production sharing contract with the government of the Republic of Cyprus for offshore Block 10.

Before the signing ceremony, the Republic of Cyprus President, Nicos Anastasiades received at the presidential palace in Nicosia, Saad Sherida Al-Kaabi, the president and CEO of Qatar Petroleum along with Andrew Swiger, senior VP and principal financial officer of Exxon Mobil.

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 Yiorgos Lakkotrypis, the Cypriot minister of energy, commerce, industry and tourism, as well as the Cypriot ministers of labor, finance and foreign affairs. Also in attendance were Qatar’s ambassador Sultan bin Ibrahim Al Mahmoud, and the American ambassador Kathleen A. Doherty.

Commenting on the signing, 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 southwest of Cyprus, followed the successful bid, which was recently awarded to the consortium of Qatar Petroleum and Exxon Mobil.

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.

Source: www.worldoil.com