The Council of Ministers accredited on Wednesday the licensing of block 5 of the Cyprus EEZ to the of ExxonMobil Exploration and Manufacturing Cyprus Restricted and Qatar Petroleum Worldwide Upstream LLC consortium.
In statements after the Cupboard assembly, Power, Commerce and Business Minister Natasa Pilides mentioned ExxonMobil would be the operator with a 60% participation whereas Qatar Petroleum Worldwide Upstream O.P.C. could have a 40 % curiosity.
Pilides mentioned that she has been authorised to signal the exploration and manufacturing sharing contract agreed upon after intensive negotiations with the consortium and a staff of consultants of the Ministry of Power and different companies of the Republic. She added that the contract will probably be signed at a ceremony in Nicosia inside the subsequent few days.
She mentioned the identical process adopted for Block 7 was adopted for Block 5 and that immediately’s developments are yet one more vote of confidence by these corporations for Cyprus. The consortium additionally holds the license for Block 10.