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Oil & Gas

Qatar Petroleum, ExxonMobil Sign Exploration & Production Sharing Contract with Cyprus

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

Cyprus President, His Excellency Nicos Anastasiades met with the President and CEO of Qatar Petroleum Saad Sherida Al-Kaabi along with 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 set the terms for exploring the hydrocarbon potential in Block 10 offshore the Mediterranean Island.

The contract was later signed in the presence of HE Yiorgos Lakkotrypis, the Cypriot Minister of Energy, Commerce, Industry and Tourism, together with the Cypriot ministers of Labour, Finance and Foreign Affairs. Qatar ambassador to Cyprus Sultan bin Ibrahim Al Mahmoud and American ambassador Kathleen A Doherty were also in attendance.

QP President and CEO Saad Sherida Al-Kaabi said that the agreement expands their international upstream footprint into the eastern Mediterranean, for what he said is one of the most promising opportunities in the area.

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 Cyprus to help build national skills in the country’s oil and gas industry.

For more information on the QP-ExxonMobil sharing contract, visit qp.com.qa.

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