QatarEnergy has signed a commercial discovery declaration for the Glaucus and Pegasus gas fields in Block 10 offshore Cyprus together with the Government of Cyprus and ExxonMobil, supporting the next phase of development of the country’s offshore natural gas resources.
The declaration was signed in Nicosia along with a collaboration statement between the three parties.
The agreement supports continued cooperation on the development of Block 10 and future opportunities related to Cyprus’ offshore energy sector.
The declaration also provides a framework for advancing regulatory engagement, project approvals, development planning, and production activities required for the next stage of the project.
His Excellency Saad Sherida Al-Kaabi, Minister of State for Energy Affairs, President and Chief Executive Officer of QatarEnergy, said that the agreement is an important step in the development of Cyprus’ offshore resources and regional energy cooperation.
Al-Kaabi thanked the Government of Cyprus and ExxonMobil for their cooperation and said QatarEnergy looks forward to continuing work with both partners on future Block 10 activities.
Under the declaration, QatarEnergy, ExxonMobil, and the Government of Cyprus will work together on regulatory approvals, development planning, and production preparations for the project.
QatarEnergy and ExxonMobil also reaffirmed their commitment to continued cooperation on the development of Block 10 and other potential opportunities.
The Declaration of Marketability advances the commercial development of the Glaucus and Pegasus discoveries, which form part of Cyprus’ efforts to develop offshore natural gas resources and increase regional gas supplies.
ExxonMobil has reported natural gas discoveries in the Glaucus and Pegasus fields. According to Cypriot government estimates, the two fields contain between 8 trillion and 9 trillion cubic feet of natural gas resources.
Image Credits: QatarEnergy | Cropped by GBN
Nikos Christodoulides, Cyprus President remarked that the agreement supports the development of the Eastern Mediterranean as an additional energy supply route for Europe.
Project partners said additional appraisal drilling will be required before moving to the front-end engineering and design (FEED) stage.
Earlier this year, QatarEnergy, ExxonMobil, and the Egyptian government signed a preliminary agreement to study the development and commercialization of Cyprus’ offshore gas discoveries using Egypt’s existing gas processing and liquefied natural gas (LNG) infrastructure.
Officials said gas from the Glaucus and Pegasus fields is expected to be transported to Egypt through a subsea pipeline connection for processing and export.
Cyprus is also evaluating similar pipeline connections for other offshore discoveries, including the Aphrodite gas field, as part of its strategy to commercialize offshore natural gas resources using existing regional infrastructure.
