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Agreement signed to explore offshore Cyprus

Affiliates of Exxon Mobil Corporation and Qatar Petroleum have signed an exploration and production sharing contract with the Republic of Cyprus for offshore Block 10, located southwest of Cyprus.

“ExxonMobil and our partner, Qatar Petroleum, have a long and 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.”

“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,” added Saad Sherida al-Kaabi, president and CEO of Qatar Petroleum.

The contract includes a commitment from the ExxonMobil-Qatar Petroleum consortium to acquire 3-D seismic data (now completed), 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.

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