QatarEnergy, ExxonMobil in new Cyprus exploration move

LNG giant QatarEnergy and US player ExxonMobil are joining forces on a new block offshore Cyprus, located southwest of the island.

In that regard, a consortium comprising of units of the two firms signed an exploration and production sharing contract with Cyprus for the offshore Block 5, according to a statement by QatarEnergy.

Under the terms of the deal, QatarEnergy will hold a 40 percent working interest in Block 5 while ExxonMobil will hold a 60 percent working interest and operate the block.

This is QatarEnergy’s second exploration block in Cyprus, in addition to Block 10.

The same consortium won this block in 2017 and the deal resulted in the “Glaucus” gas discovery revealed in February 2019 with estimated in-place resources of 5 to 8 trillion cubic feet of gas.

QatarEnergy said the duo plans further assessments over the coming months to further refine this estimate.

Block 5 covers an area of 4,500 km2 in water depths of up to 2,500 meters, and is adjacent to Block 10.

“As confirmed by our discovery in Block 10, this region is promising and has very good potential for hydrocarbon exploration,” Qatar’s energy minister and chief executive of QP, Saad Sherida Al-Kaabi, said.

“We look forward to continuing to collaborate with the government of Cyprus and with our long-term strategic partner ExxonMobil to contribute to the exploration of natural resources in the Republic of Cyprus, and bring a significant addition to our growing international portfolio,” he said.

Most Popular

Brunei LNG, PetroChina ink SPA

LNG producer Brunei LNG has signed a sales and purchase agreement with a unit of PetroChina.

CFO: Shell on track to ship first LNG Canada cargo in middle of 2025

LNG giant Shell remains on track to deliver the first liquefied natural gas cargo from its LNG Canada export terminal in Kitimat in the middle of this year, according to Shell's finance chief, Sinead Gorman.

Venture Global secures $3 billion bank loan for CP2 LNG

US LNG exporter Venture Global LNG has secured a $3 billion bank loan facility for its proposed CP2 LNG project in Louisiana.

More News Like This

ExxonMobil CEO expects Golden Pass LNG launch by end of this year

ExxonMobil CEO Darren Woods expects the QatarEnergy-led Golden Pass LNG export project in Texas to produce first LNG volumes by the end of this year. Separately, Golden Pass LNG is also seeking approval from the US FERC to increase peak workforce up to 10,300.

Golden Pass LNG moving forward with commissioning activities

Golden Pass LNG, a joint venture of QatarEnergy and ExxonMobil, is moving forward with the commissioning work at its giant LNG export facility in Texas with new approval from the US FERC.

Technip Energies secures North Field gig

LNG engineering giant Technip Energies has secured a contract from a unit of India’s Larsen & Toubro for QatarEnergy LNG's North Field production sustainability offshore compression project.

QatarEnergy LNG carrier named in China

China’s Hudong-Zhonghua hosted a naming ceremony for one 174,000-cbm liquefied natural gas (LNG) carrier built as part of the massive QatarEnergy shipbuilding program.