A drilling deal has been signed by ExxonMobile and partner Qatar Petroleum with Cyprus for carrying out the exploratory drilling off the east Mediterranean island’s southern coast.

According to Qatar Petroleum chief executive Saad Sherida AI-Kaabi, “a strong possibility” that the geological structure in the area where the partnership is licensed to drill could potentially hold hydrocarbons.

He further said that a first exploration well is scheduled to be drilled in the first half of 2018.

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