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 percent 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.

Source: In-Cyprus