George Psyllides
The cabinet on Thursday awarded natural gas exploration rights for an offshore block to a consortium made up of ExxonMobil and Qatar Petroleum.
Energy Minister Natasa Pilides said ExxonMobil would be administering the Block 5 concession with a share of 60 per cent.
“In addition, I have been authorised to sign on behalf of the Republic of Cyprus, the exploration and production sharing contract agreed with the consortium after intense negotiations,” the minister said.
ExxonMobil and partner Qatar Petroleum plan on drilling an appraisal well in Block 10, where natural gas was discovered, towards the end of November or early December.
