Local
news | 25 July 2018 | ServPRO Accountants & Consultants

ExxonMobil drilling to proceed according to plan

Speaking to the press in Larnaca on Sunday 22 July 2018, the Minister of Energy of Cyprus, Mr. Yiorgos Lakkotrypis said that all the necessary measures are being taken by Cyprus as to ensure that ExxonMobil’s exploratory programme in the island’s exclusive economic zone (EEZ) will proceed according to plan.

ExxonMobil and Qatar Petroleum have been awarded licences to block 10 of Cyprus’s EEZ, and are expected to carry out two exploration wells in the fourth quarter of 2018.

The Minister stated:

“The procedures for Exxon to obtain the necessary licences are proceeding as planned and two wells will be carried out in Q4.”

He further added:

“What’s important is that we are progressing according to our timeframe and planning.”

The Minister further mentioned that an announcement will follow regarding the arrival of the drilling vessel of ExxonMobil.

It is worth mentioning that to date, the country has carried out three licensing rounds, awarding exploration licences for eight of its offshore natural gas blocks. Mr. Lakkotrypis emphasized that a new licensing round is not ruled out as developments in the area may affect plans.

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