Qatar Petroleum, ExxonMobil To Explore For Oil And Gas In Cyprus

Qatar Petroleum, ExxonMobil To Explore For Oil And Gas In Cyprus
Qatar Petroleum and ExxonMobil will start drilling for oil and gas off the southern coast of Cyprus in 2018.

Reuters

DOHA, April 5 (Reuters) - Qatar Petroleum (QP) and ExxonMobil will start drilling for oil and gas off the southern coast of Cyprus in 2018, the Qatari firm said after signing an exploration and production sharing contract with the Mediterranean island.

Exploring the Mediterranean's Levant Basin has become more attractive since Eni discovered Egypt's offshore Zohr field in 2015, the biggest gas field in the Mediterranean and estimated to contain 850 billion cubic metres of gas.

State-owned Qatar Petroleum and ExxonMobil were among bidders last year for a contract for Cyprus's offshore Block 10.

"A 3D seismic survey is already underway, as the consortium partners prepare to begin exploration drilling in 2018," QP said in a statement.

To maintain its dominance over competitors in the United States and Australia, QP is cutting costs at its domestic operations and seeking to expand overseas through joint ventures with international oil firms, QP said in February.

(Reporting by Tom Finn; Editing by Edmund Blair)

Copyright 2017 Thomson Reuters. Click for Restrictions.

WHAT DO YOU THINK?

Click on the button below to add a comment.
Post a Comment
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE



Most Popular Articles

From the Career Center
Jobs that may interest you
Floorhand - USS
Expertise: Floorhand / Roughneck
Location: Houston, TX
 
Drill Bit Fabricator
Expertise: Casing|Storeman|Toolpusher
Location: Conroe, TX
 
Fontline Supervisor
Expertise: Directional Driller
Location: Los Angeles, 
 
search for more jobs

Brent Crude Oil : $52.72/BBL 3.31%
Light Crude Oil : $48.51/BBL 3.01%
Natural Gas : $2.89/MMBtu 1.36%
Updated in last 24 hours