The Research and Proportional Production Sharing Contract and the Hydrocarbon Exploration License were signed today, Friday (10/9), concerning the licensing of Item 5 of Exclusive Economic Zone (EEZ) of the Republic of Cyprus in the consortium of ExxonMobil and Qatar Energy.
At a ceremony held at the Presidential Palace in the presence of representatives of the licensed consortium, US and Qatari ambassadors, as well as government officials, the Minister of Energy, Trade and Industry (YEEB) Natasa Pileidou signed, on behalf of the Republic of Cyprus, the Exploration and Proportional Sharing Contract and the Hydrocarbon Exploration License for Item 5 of the Cyprus EEZ, with ExxonMobil Exploration and Production Cyprus (Offshore) Limited (manager, 60%) and Qatar International Upstream LLC (40%).
On behalf of the consortium, the Contract was signed by Mr. Barnabas TheodosMr., CEO of ExxonMobil Cyprus and the Director of Qatar Energy for International Upstream and Exploration Activities Mr. Ali Al-Mana.
“Today’s signing ceremony completes, in just five months, the licensing process that began last June, as a result of the hard work, dedication and constructive cooperation between the Ministry and the consortium, as well as all those involved in the negotiations,” he stressed. after the signing of Mrs. Pileidou.
The Minister praised both the Hydrocarbons Service of YEEB and the teams of ExxonMobil and Qatar Energy as well as the experts of the Legal Service, the Ministries of Finance, Foreign Affairs and Agriculture, the Cyprus Hydrocarbons Company and the technical advisors of the as he said, they strengthened the efforts of the Minister and the team of the Ministry of Energy. “Everyone,” he added, “has made a decisive contribution to achieving this very positive result and, on behalf of the Government, I want to thank and congratulate you.”
According to APE-MPE, Ms. Pileidou explained that the signing of this mutually beneficial agreement was made possible due to the geological prospects and possible exploitation synergies in Section 5. At the same time, she stressed the importance of strengthening cooperation between Cyprus and companies. , at a difficult time for the global oil and gas industry, stressing that “with this agreement the Republic of Cyprus, exercising its sovereign rights on the basis of international law, further explores our EEZ and consortium consolidates its presence in the promising Eastern Mediterranean».
The joint venture of ExxonMobil and Qatar Energy, the minister reminded, is the first of the licensees in the Cypriot EEZ to proceed, after the postponement of works due to the pandemic, to resume its research activities, with confirmatory drilling, before the end of the year. , in the “Glafkos” deposit, in Block 10. In the deposit, as Mrs. Pileidou pointed out, 5 to 8 trillion cubic feet of gas have been discovered and, according to the assurances of Messrs. Al-Mana and Theodosiou during the meeting they had with the President of the Republic before the signing, “this new drilling is part of their ambitious exploration program. They also informed President Anastasiadis about the intention of the consortium to start, in 2022, works for the collection of seismic data in Block 5 “.
The Minister finally thanked the companies for the confidence they continue to show in the Republic of Cyprus and in the prospects of its EEZ. “Over the last four years, you have proved to be valuable partners of Cyprus in our efforts for optimal and sustainable development of our hydrocarbon resources. “I wish the new Contract that we signed today to lead to the success of our common goals and expectations”, he concluded.
In his own greeting, Mr. Theodosiou said that ExxonMobil and Qatar Energy, which have a long and successful history of responsible resource development, appreciate the strong professional relationship that has developed with the Ministry of Energy, Trade and Industry. “We look forward to continuing our co-operation with the Cypriot Government, with a view to assessing and exploiting the country’s hydrocarbon potential,” he said.
Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.
