QatarEnergy and ExxonMobil consortium awarded second deal in Cyprus

QatarEnergy and ExxonMobil agreed with Cyprus to explore and produce from offshore Block 5 located southwest of the island.

Under the exploration and production agreement, QatarEnergy will hold a 40 percent working interest in the block, while ExxonMobil will be the operator and will hold a 60 percent of the working interest.

“We are pleased with the signing of this EPSC, which expands our footprint in Cyprus. “As confirmed by our discovery in Block 10, this region is promising and has very good potential for hydrocarbon exploration,” said Saad Sherida Al-Kaabi, the Minister of State for Energy Affairs, the President and CEO of QatarEnergy. 

“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 added.

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

The consortium was first awarded Block 10 in 2017. The companies discovered the “Glaucus” gas discovery which was announced in February 2019 with estimated in-place resources of 5 to 8 trillion cubic feet of gas.