Doha’s energy company QatarEnergy signed a commercial discovery declaration for Glaucus and Pegasus fields in Block 10 offshore Cyprus, as well as a collaboration statement, together with the government of Cyprus and ExxonMobil.
Under the declaration, signed in Nicosia, QatarEnergy, Cyprus, and ExxonMobil will work together to advance the development of the country’s offshore resources.
The declaration is said to represent an important milestone, reflecting the strong and constructive relationship between the parties and their shared commitment to continued collaboration and long-term strategic engagement that encompasses both the development of Block 10 and broader future opportunities.
Saad Sherida Al-Kaabi, Qatar’s minister of state for energy affairs, president and CEO of QatarEnergy, commented: “This marks an important step in advancing the development of offshore resources in Cyprus and in reinforcing regional energy cooperation across the Eastern Mediterranean.
“We would like to convey 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 Block 10 future activities.”
The declaration enables the parties to work together to advance regulatory engagement and approvals, as well as development and production planning, in support of the next phase of Block 10 activities.
In addition, QatarEnergy and ExxonMobil reaffirmed their shared commitment to sustained collaboration and alignment across both the development of Block 10 and broader potential opportunities.
In his address at the signing ceremony, the minister of energy, commerce and industry of Cyprus, Michael Damianos, said: “The signing of this declaration is an important milestone for offshore exploration in Cyprus’ Exclusive Economic Zone (EEZ), reaffirming both its significant potential and our shared commitment to the responsible development of the natural gas resources in Block 10.
“The “Glaucus” and “Pegasus” discoveries represent two of the most significant achievements of Cyprus’ offshore exploration programme. Today’s declaration of commercial discovery marks the transition to the next phase of their development, bringing us closer to unlocking these valuable resources. At the same time, it further strengthens Cyprus’ position on the regional energy map and offers new impetus to the Eastern Mediterranean’s growing role as an emerging energy hub.”
Mr. Damianos added: “We are equally encouraged by the consortium’s interest in pursuing additional exploration opportunities within our country’s EEZ. The interest expressed in Blocks 4 and 10A is another strong vote of confidence in Cyprus’ energy programme, our country’s credibility as a reliable energy partner, and the prospects for expanding our successful cooperation.”
