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.

- Advertisements -

Most Popular

Tellurian updates on Driftwood LNG work

US LNG terminal developer Tellurian, which is being acquired by Australia's Woodside, released the latest construction update for the...

ConocoPhillips books capacity at Zeebrugge LNG terminal in Belgium

US energy giant ConocoPhillips has signed a deal to book long-term capacity at the Fluxys-operated Zeebrugge LNG import terminal...

NextDecade names new COO

US LNG firm NextDecade, the developer of the Rio Grande LNG export project in Texas, has appointed Tarik Skeik...

More News Like This

GTT bags order for 10 giant LNG carriers

French LNG containment giant GTT has secured an order from China's Hudong-Zhonghua for ten 271,000-cbm liquefied natural gas carriers. GTT...

Golden Pass LNG to speed up pipeline construction

QatarEnergy and ExxonMobil are seeking approval from US energy regulators to increase the peak workforce to speed up the...

Japan’s Chiyoda provides Golden Pass LNG update

Japan's engineer Chiyoda has released an update regarding the construction of the Golden Pass LNG export project in Texas,...

QatarEnergy, ExxonMobil update on Golden Pass LNG work

Energy giants QatarEnergy and ExxonMobil released the latest construction update for their Golden Pass LNG export terminal on the...