US-based ExxonMobil and QatarEnergy have secured a new offshore exploration block in the Republic of Cyprus.
A consortium, which comprises affiliates of the two companies, has signed an exploration and production sharing contract (EPSC) with Cyprus for the Block 5 located in the southwest of the island.
According to QatarEnergy, Block 5 is the company's second exploration block in the country. In 2017, the same consortium won Block 10.
Located adjacent to Block 10, Block 5 is said to cover an area of 4,500km² in water depths of up to 2,500m.
According to the terms of the agreement, QatarEnergy will have a 40% working interest in the new block, while the remaining 60% stake will be held by ExxonMobil as an operator.
The Glaucus gas discovery was made by the consortium at Block 10 in February 2019 and has estimated in-place resources of 5 to 8tn cubic ft. of gas.
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