BUSINESS

ExxonMobil: Exploratory drilling off Cyprus by year's end

TAGS: Cyprus, Turkey, Energy, Business

A top ExxonMobil executive says the energy company will go ahead with a search for natural gas off the coast of Cyprus by the end of the year.

Senior Vice President Neil Chapman told reporters after talks Friday with Cypriot President Nicos Anastasiades that exploratory drilling will begin “sometime in the fourth quarter.”

He said ExxonMobil and partner Qatar Petroleum are focused on a hydrocarbons search in block 10 southwest of Cyprus where they're licensed to explore.

But the company hasn't “looked in any detail” at an adjacent block for which the Cypriot government on Thursday invited bids for a drilling license.

Chapman said Turkey's renewed warning against Cyprus's gas search “are for governments to discuss and resolve.” [AP]

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