ExxonMobil, QatarEnergy Announce Commercial Gas Discovery at Cyprus Block 10
ExxonMobil and QatarEnergy Sign Commercial Discovery Declaration for Glaucus and Pegasus Gas Fields in Cyprus Block 10
The agreement, signed in Nicosia with the Cyprus government, establishes a framework to advance development of the country's offshore natural gas resources and moves Block 10 to its next phase.
What Readers Should Know
- ExxonMobil and QatarEnergy signed a commercial discovery declaration for the Glaucus and Pegasus gas fields in Block 10 offshore Cyprus.
- The agreement was signed in Nicosia by representatives of the Cyprus government, ExxonMobil, and QatarEnergy.
- The declaration allows the companies to work with Cypriot authorities on regulatory approvals, development plans, and future production activities.
- QatarEnergy CEO Saad Sherida Al-Kaabi described the signing as a significant milestone for Cyprus' offshore energy sector.
- ExxonMobil operates Block 10 with a 60% participating interest; QatarEnergy holds the remaining 40%.
- The companies also signed a collaboration statement reaffirming their commitment to long-term cooperation and further regional opportunities.
MONTREAL (Oil Monster): ExxonMobil and QatarEnergy have taken a major step toward developing natural gas resources offshore Cyprus by signing a commercial discovery declaration for the Glaucus and Pegasus gas fields in Block 10. The agreement was signed in Nicosia by representatives of the Cyprus government, ExxonMobil, and QatarEnergy.
The declaration establishes a framework to advance the development of Cyprus' offshore natural gas resources and to progress Block 10 to its next phase. It allows the companies to work with Cypriot authorities on regulatory approvals, development plans, and future production activities.
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Saad Sherida Al-Kaabi, Qatar's Minister of State for Energy Affairs and President and CEO of QatarEnergy, described the agreement as a significant milestone for the country's offshore energy sector. He said the partnership would help accelerate the development of Cyprus' natural gas resources, and he thanked the Cyprus government and ExxonMobil for their continued support.
Collaboration Statement Signals Long-Term Commitment
Alongside the commercial discovery declaration, the companies signed a collaboration statement reaffirming their commitment to long-term cooperation, with the aim of exploring additional opportunities in the region.
Block 10 Ownership: ExxonMobil Operates, QatarEnergy Holds 40%
ExxonMobil operates Block 10 with a 60% participating interest, while QatarEnergy owns the remaining 40% stake.
Frequently Asked Questions — ExxonMobil, QatarEnergy & Cyprus Block 10
What did ExxonMobil and QatarEnergy sign regarding Cyprus?
ExxonMobil and QatarEnergy signed a commercial discovery declaration for the Glaucus and Pegasus natural gas fields in Block 10 offshore Cyprus, alongside a collaboration statement reaffirming their long-term partnership.
Where was the commercial discovery declaration signed?
The declaration was signed in Nicosia, Cyprus, by representatives of the Cyprus government, ExxonMobil, and QatarEnergy.
What does the commercial discovery declaration do?
It establishes a framework to advance development of Cyprus' offshore natural gas resources and allows the companies to work with Cypriot authorities on regulatory approvals, development plans, and future production activities.
What are ExxonMobil's and QatarEnergy's ownership stakes in Block 10?
ExxonMobil operates Block 10 with a 60% participating interest. QatarEnergy holds the remaining 40% stake.
What did QatarEnergy's CEO say about the agreement?
Saad Sherida Al-Kaabi, President and CEO of QatarEnergy and Qatar's Minister of State for Energy Affairs, called the agreement a significant milestone for Cyprus' offshore energy sector and said it would help accelerate the development of the country's natural gas resources.