State-owned oil and gas giant Qatar Energy and US-based heavyweight ExxonMobil have signed a commercial discovery announcement for natural gas discoveries in an area off the coast of Cyprus.
Qatar Energy Company confirmed the signing of a commercial discovery announcement for the project Glucose and Pegasus Fields in Block 10 offshore Cyprus, as well as a statement of cooperation, 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 Gulf state giant that owns the remaining 40%.
Saad Sharida Al-KaabiThe Qatari Minister of State for Energy Affairs, President and CEO of Qatar Energy Company, commented: “This represents an important step in promoting the development of Cyprus’ marine resources and enhancing regional energy cooperation across the Eastern Mediterranean.
“We would like to express 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 future Block 10 activities.”
The Declaration, which was signed in Nicosia, is said to represent an important milestone in promoting the development of Cyprus’ marine resources, reflecting the strong and constructive relationship between the parties and their shared commitment to ongoing cooperation and long-term strategic engagement that includes the development of Area 10 and broader future opportunities.
This announcement enables the parties to work together to enhance regulatory engagement and approvals, as well as development and production planning, to support the next phase of Area 10 activities.
In addition, Qatar Energy and ExxonMobil reaffirmed their shared commitment to continued collaboration and alignment across the region’s development and broader potential opportunities.
These developments come more than a month after the launch of Qatar Energy Company Believer Participation interests in three exploration blocks offshore Uruguay from BG International, a subsidiary of Shell.
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