Qatar’s state-owned oil and gas giant QatarEnergy and the U.S.-headquartered energy heavyweight ExxonMobil have inked a commercial discovery declaration for natural gas finds at a block off the coast of Cyprus.
QatarEnergy has confirmed the signing of a commercial discovery declaration for the Glaucus and Pegasus fields in Block 10 offshore Cyprus, as well as a collaboration statement, together with the country’s government and ExxonMobil, which is the operator of the block with a 60% stake in the concession, in partnership with the Persian Gulf state giant that holds the remaining 40%.
Saad Sherida Al-Kaabi , Qatar’s Minister of State for Energy Affairs, President and CEO of QatarEnergy, commented: “This marks an important step in advancing the development of offshore resources in Cyprus and in reinforcing regional energy cooperation across the Eastern Mediterranean.
“We would like to convey our thanks to the government of Cyprus and to our strategic partner ExxonMobil for their support and cooperation, and we look forward to continuing to work closely with them on Block 10 future activities.”
The declaration, which was signed in Nicosia, is said to represent an important milestone in advancing the development of Cyprus’ offshore resources, reflecting the strong and constructive relationship between the parties and their shared commitment to continued collaboration and long-term strategic engagement that encompasses both the development of Block 10 and broader future opportunities.
The declaration enables the parties to work together to advance regulatory engagement and approvals, as well as development and production planning, in support of the next phase of Block 10 activities. In addition, QatarEnergy and ExxonMobil reaffirmed their shared commitment to sustained collaboration and alignment across the development of the block and broader potential opportunities.
These developments come over a month after QatarEnergy secured participating interests in three exploration blocks offshore Uruguay from BG International, a subsidiary of Shell.