The Council of Ministers approved on Wednesday the licensing of block 5 of the Cyprus EEZ to the ExxonMobil Exploration and Production Cyprus Limited and Qatar Petroleum International Upstream LLC consortium.
In statements after the Cabinet meeting, Energy, Commerce and Industry Minister Natasa Pilides said ExxonMobil will be the operator with a 60% participation while Qatar Petroleum International Upstream O.P.C. will have a 40 per cent interest.
Pilides said that she has been authorised to sign the exploration and production sharing contract agreed upon after intensive negotiations with the consortium and a team of experts of the Ministry of Energy and other services of the Republic. She added that the contract will be signed at a ceremony in Nicosia within the next few days.
She said the same procedure followed for Block 7 was followed for Block 5 and that today’s developments are yet another vote of confidence by these companies for Cyprus. The consortium also holds the license for Block 10.