ExxonMobil Corporation and Qatar Petroleum signed early April an exploration and production sharing contract with the Republic of Cyprus for the development of the country’s Block 10, Sigma Live reported. Drilling operations are already being planned and the first exploration well is expected to be drilled in 2018.
Qatar Petroleum’s President and CEO, Saad Sherida Al-Kaabi, 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.”
According to In Cyprus, the agreement includes a commitment from ExxonMobil and Qatar Petroleum to acquire 3D 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.
Block 10 is located offshore southwestern 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.