Cyprus: ExxonMobil and Qatar Petroleum Joint Venture of Unit 5 approved

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The proposal of the Minister of Energy, Trade and Industry of Cyprus Natasa Pileidou for licensing of Section 5, of the Exclusive Economic Zone (EEZ) of the Republic of Cyprus, to the consortium of companies ExxonMobil Exploration and Production Cyprus (Offshore) Limited (60% managed) and Qatar Petroleum International Upstream LLC (40%) approved by the Cypriot Council of Ministers.

In addition, the Minister of Energy was authorized to sign, on behalf of the Republic of Cyprus, the Contract for Research and Proportional Allocation of Production, which has been agreed after intensive negotiations with the consortium, in a ceremony to be held in Nicosia in the coming days.

It is pointed out that the licensing of Section 5 is carried out under the Law on Hydrocarbons (Exploration, Exploration and Exploitation), according to which the Council of Ministers may grant a license for an area to a body holding a license of a border area, based on geological or productive criteria. Therefore, in June 2021 the Ministry of Energy, Trade and Industry invited the joint ventures of Eni / TotalEnergies (Licensee of Section 6) and ExxonMobil / Qatar Petroleum (licensee of Section 10) to apply for a license to explore .

According to the Ministry of Energy of Cyprus, an application was submitted by the consortium of ExxonMobil and Qatar Petroleum, which, after being evaluated by the competent Advisory Committee, led to intensive negotiations between the Minister of Energy and a group of technocrats and consultants. , which were successfully completed in mid-November.



Source From: Capital

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