Qatar Petroleum and ExxonMobil have signed an exploration and production sharing contract with the Cyprus Government for offshore Block 10 in the Mediterranean Sea.
Before the signing ceremony, the Republic of Cyprus President Nicos Anastasiades, Qatar Petroleum president and CEO Saad Sherida Al-Kaabi and ExxonMobil senior vice-president and principal financial officer Andrew Swiger held discussions that focused on current and future cooperation in the energy field.
The signed contract sets the terms for exploring the hydrocarbon potential in Block 10 offshore in the Mediterranean Sea.
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.
"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."
Qatar Petroleum and ExxonMobil were awarded this exploration and production sharing contract for offshore Block 10 in south-west of Cyprus after a successful bid.
Currently, a 3D seismic survey is being conducted in the offshore region, with the partners expecting to start exploration drilling next year.
The consortium will also work with the Government of Cyprus to help build national skills in the oil and gas industry.
Image: Signing of the Cyprus exploration and production sharing contracts for Block 10. Photo: courtesy of Press and Information Office of Cyprus.