The Qatar News Agency said today, Friday, that a consortium comprising Qatar Energy and ExxonMobil signed an agreement with the Government of Cyprus for exploration, exploration and production sharing in Block 5 in the southeast of the island of Cyprus.
The agency stated that under the agreement, Qatar Energy will own a 40% stake in Zone 5, while ExxonMobil will own a 60% stake and will operate.
“We are pleased to sign this agreement, which will expand our presence in Cyprus, which we believe is a promising area for hydrocarbon exploration,” the agency quoted Minister of State for Energy Affairs and CEO of Qatar Energy Saad Al-Kaabi as saying.
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