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South Cyprus signs drilling rights for foreign energy companies

South Cyprus signs drilling rights for foreign energy companies

April 05
13:05 2017

The first round of contract signing with an energy consortium took place today in South Cyprus.

Last month, the Greek Cypriot government approved contracts with France’s Total, Italy’s Eni, Exxon Mobil and Qatar Petroleum to explore for oil and gas offshore south Cyprus. The consortium will officially sign the contracts with the Cypriot government for exploration rights for three offshore blocks off the south and south-western coast.

Welcoming the Senior Vice President of ExxonMobil Corporation, Andrew Swiger, the President and CEO of Qatar Petroleum, Saad Sherida Al-Kaabi, and their associates, Energy Minister Giorgos Lakkotrypis said that Wednesday’s signing ceremony concluded the 3rd licensing round.

Greek Cypriot Energy Minister Giorgos Lakkotrypis said “By exercising our sovereign rights, we feel, we have clearly achieved the target set by the Government to attract oil and gas companies with extensive experience to operate in our EEZ.

Describing Exxon Mobil and Qatar Petroleum’s presence in the Cyprus EEZ as ‘immense’ Lakkotrypis said that the Cyprus’ primary goals during the 3rd Licensing Round was to advance the exploration of our EEZ, aiming, of course, at the discovery of hydrocarbon reserves.

I have to say that this is precisely what we have achieved. A total of twelve exploration wells will be drilled in the newly licensed Blocks 6, 8 and 10,” said Lakkotrypis.

Earlier today, the ExxonMobil and Qatar Petroleum consortium told President Nicos Anastasiades of their intentions to sink their first exploration well within 2018.

Cyprus Weekly

 

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