NICOSIA: US giant ExxonMobil with Qatar Petroleum (QP) on Wednesday signed a license to explore for oil and gas off the coast of Cyprus, and they expect to start drilling next year.
The venture was selected as part of the island’s third licensing round to explore block 10.
Cyprus Energy Minister George Lakkotrypis described as “immense” the firms’ presence in his country’s exclusive economic zone (EEZ) and, for the first time, in the eastern Mediterranean.
“One of our primary goals during the third licensing round was to advance the exploration of our EEZ” aimed at discovering hydrocarbon reserves, he said at the signing ceremony. “This is precisely what we have achieved.”
The minister said a total of 12 exploration wells would be drilled in the newly licensed blocks: 6, 8 and 10.
Exploration and production sharing contracts are to be signed on Thursday by Italy’s ENI and France’s Total for block 6, and by ENI for block 8.
Cyprus would receive a total of €103.5 million ($110.5 million) in signature bonuses from the contracts, said Lakkotrypis.
ExxonMobil and QP said they had begun planning for drilling operations and intend to drill the first exploration well in 2018.
“We look forward to working with the government of Cyprus to evaluate and realize the country’s hydrocarbon potential,” said Andrew Swiger, senior vice president of ExxonMobil Corporation.
The blocks on offer are close to where ENI made a huge find in Egypt’s offshore “Zohr” field that could hold 30 trillion cubic feet of gas. The field sits adjacent to a Cyprus block licensed to Total.
ExxonMobil, Qatar Petroleum sign Cyprus gas deal
ExxonMobil, Qatar Petroleum sign Cyprus gas deal
India seals $3bn LNG agreement with UAE
- Leaders hold talks to strengthen trade, defense ties
NEW DELHI, DUBAI: India signed a $3 billion deal on Monday to buy liquefied natural gas from the UAE, making it the Gulf country’s top customer, as the leaders of both countries held talks to strengthen trade and defense ties.
The agreement was signed during a very brief two-hour visit to India by UAE President Sheikh Mohammed bin Zayed Al-Nahyan for talks with Indian Prime Minister Narendra Modi.
They pledged to double bilateral trade to $200 billion in six years and form a strategic defense partnership.
Abu Dhabi state firm ADNOC Gas will supply 0.5 million tonnes of LNG a year to India’s Hindustan Petroleum Corp. for 10 years, the companies said.
ADNOC Gas said the agreement brings the total value of its contracts with India to over $20 billion.
“India is now the UAE’s largest customer and a very important part of ADNOC Gas’ LNG strategy,” the company said.
The UAE is India’s third largest trading partner and Sheikh Mohammed was accompanied by a government delegation that included his defense and foreign ministers. The two sides signed a letter of intent to work toward forming a strategic defense partnership, India’s Foreign Secretary Vikram Misri told reporters.
Misri, however, said that the signing of the letter of intent with the UAE does not mean that India will get involved in regional conflicts.
“Our involvement on the defense and security front with a country from the region does not necessarily lead to the conclusion that we will get involved in particular ways in the conflicts of the region,” he said.
