ExxonMobil wins new offshore exploration block in Cyprus

ExxonMobil wins new offshore exploration block in Cyprus

14 Dec 2021

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.

For more information, please visit EICDataStream.

Read more from Industry News
ExxonMobil, Sabic start operations at petrochemical plant in US
Read More
Norway awards 53 offshore licenses to 28 companies in APA 2021 round
Read More
Texas LNG, Enbridge sign deal to expand Valley Crossing Pipeline
Read More

Newsletter Sign Up

As a non-member, you can sign up for the EICOnline weekly bulletin free of charge. EIC Online delivers industry news direct to your mailbox. Subscribe here for the EIC’s free weekly newsletter.

First Name
Last Name
Company Name
Work Email
Job Title
Areas of Interest