Qatar Petroleum, ExxonMobil sign Cyprus gas deal

Published April 6th, 2017 - 10:27 GMT
President and CEO of Qatar Petroleum Saad Sherida Al Kaabi (left) with ExxonMobil and Cypriot officials at the signing ceremony. (The Peninsula)
President and CEO of Qatar Petroleum Saad Sherida Al Kaabi (left) with ExxonMobil and Cypriot officials at the signing ceremony. (The Peninsula)

Qatar Petroleum (QP) and ExxonMobil signed an exploration and production sharing contract with the Government of the Republic of Cyprus for offshore Block 10.

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Before the signing ceremony, the President of the Republic of Cyprus, Nicos Anastasiades received Saad Sherida Al Kaabi, the President and CEO of Qatar Petroleum; and Andrew Swiger, Senior Vice-President and Principal Financial Officer of ExxonMobil, at the Presidential Palace in Nicosia.

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.

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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,  Saad Sherida Al-Kaabi “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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“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,” Al Kaabi added.

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.

 


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