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Exxon, Qatar Petroleum to explore for oil and gas offshore Cyprus

Published 04/05/2017, 10:29 AM
© Reuters.  Exxon, Qatar Petroleum to explore for oil and gas offshore Cyprus
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  • Qatar Petroleum says it will team with Exxon Mobil (XOM +1.3%) in an oil and gas drilling program off the southern coast of Cyprus in 2018, after signing an exploration and production sharing contract.
  • 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 850B cm of gas.
  • State-owned Qatar Petroleum says a 3D seismic survey already is underway in preparation for the start of exploration drilling next year.


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