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.
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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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.
ExxonMobil operates Block 10 with a 60% participating interest, while QatarEnergy owns the remaining 40% stake.
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.
The declaration was signed in Nicosia, Cyprus, by representatives of the Cyprus government, ExxonMobil, and QatarEnergy.
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.
ExxonMobil operates Block 10 with a 60% participating interest. QatarEnergy holds the remaining 40% stake.
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.
