QATAR PETROLEUM, EXXONMOBIL SIGN SHARING CONTRACT WITH CYPRUS

DOHA, Qatar, Apr 6 (NNN-QNA) – Qatar Petroleum and ExxonMobil, signed an exploration and production sharing contract, with the Government of Cyprus, for offshore Block 10, off the coast, in the Mediterranean Sea.

The contract was signed in the presence of Cypriot Minister of Energy, Commerce, Industry and Tourism, Yiorgos Lakkotrypis, as well as the Cypriot Ministers of Labour, Finance and Foreign Affairs.

Also in attendance were Qatar’s Ambassador to Cyprus, Sultan bin Ibrahim Al Mahmoud, and the US Ambassador to Cyprus, Kathleen A. Doherty.

Commenting on the signing, the President and Chief Executive Officer of Qatar Petroleum, Saad Sherida Al Kaabi, said, the agreement expanded its international upstream footprint into the eastern Mediterranean, for what “we

hope is one of the most promising opportunities in the area.”

The signing followed the successful bid, which was recently awarded to the consortium of Qatar Petroleum and ExxonMobil.

A 3-D seismic survey is already underway, as the consortium’s partners prepare to begin exploration drilling in 2018.

The consortium will also work with the Government of Cyprus to help build national skills in the oil and gas industry.

Before the signing ceremony, Cyprus President, Nicos Anastasiades, met Saad Sherida Al Kaabi, along with Senior Vice President and Principal Financial Officer of ExxonMobil, Andrew Swiger.

Discussions during the meeting focused on current and future cooperation in the energy field and the contract, which sets the terms for exploring hydrocarbon potential in Block 10, offshore the Mediterranean Island.

Qatar Petroleum is an integrated national oil corporation responsible for the sustainable development of the oil and gas industry in Qatar.

Qatar Petroleum’s activities encompass the entire spectrum of the oil and gas value chain locally, regionally, and internationally, and include the exploration, production, processing, marketing and sales of oil and gas, liquefied natural gas (LNG), natural gas liquids (NGL), gas to liquids (GTL) products, refined products, petrochemicals, fertilisers, steel and aluminium.– NNN-QNA

Source: NAM News Network

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