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ExxonMobil and Qatar Petroleum to operate in the Exclusive Economic Zone of Cyprus

 

The Cyprus government and the consortium of companies ExxonMobil Corporation and Qatar Petroleum signed on April 5 the exploration and production sharing contract for Block 10 of the Exclusive Economic Zone (EEZ) of the Republic of Cyprus. The contracts were signed in the presence of the Ministers of Energy, Foreign Affairs, Finance and Labour of the Republic of Cyprus. Before the signing of the contracts, the representatives of the consortium had a meeting with Cypriot President Nicos Anastasiades at the Presidential Palace in Nicosia. In his remarks at the signing ceremony, Minister of Energy Yiorgos Lakkotrypis welcomed the commitment by the ExxonMobil and Qatar Petroleum consortium to the drilling of their first exploration well within 2018. He also referred to a successful 3rd licensing round, saying that “by exercising our sovereign rights, we believe we have clearly achieved the target set by the Government to attract oil and gas companies with extensive experience to operate in our EEZ”.
“The strategic significance of ExxonMobil’s and Qatar Petroleum’s presence in the EEZ of Cyprus and, for the first time, in the Eastern Mediterranean region, is immense, especially when considering their financial depth and calibre of expertise in the field of hydrocarbons and LNG”, the official said.
“We firmly believe that investing in our human capital is a prerequisite for Cyprus to become a true energy hub in the Eastern Mediterranean”, underlined Lakkotrypis.

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