US supermajor ExxonMobil and Qatar Petroleum signed an exploration and production sharing contract with the government of the Republic of Cyprus for Block 10.
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Block 10 PSC signing. Image from Qatar Petroleum. |
Block 10, southwest of Cyprus, was won by the partners in the country’s third licensing round last year. The duo won over partners Eni and Total; and lone Statoil for the Block.
“A 3D seismic survey is already underway, as the consortium partners prepare to begin exploration drilling in 2018,” says Qatar Petroleum. The consortium will also work with the Government of Cyprus to help build national skills in the oil and gas industry.”
“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,” says Saad Sherida Al-Kaabi, Qatar Petroleum president and CEO.
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