The ExxonMobile-Qatar Petroleum joint venture is set to start exploratory drilling in plot 10 of Cyprus’ Exclusive Economic Zone in 2018.
ExxonMobile considers the signing of the hydrocarbon exploration agreement with Cyrus on April 5 an important step in upgrading its long-standing relationship with Nicosia.
An ExxonMobile – Qatar Petroleum joint venture have secured hydrocarbon exploratory rights in plot 10 of Cyprus’ Exclusive Economic Zone following the announcement of the third licencing round in December 2016.
“Cyprus stands to make substantial economic and social gains if the exploratory activity, as provided for by the contract, is successful,” stressed a spokesman for the international colossus.
According to the provisions of the contract, ExxonMobile and Qatar Petroleum will obtain three-dimensional seismic data and are to conduct two exploratory wells during the first period provided by the agreement.
The consortium has started preparatory work and is scheduled to start their first exploratory well in 2018.