Offshore staff
DOHA, Qatar – QatarEnergy and ExxonMobil have signed an exploration and production sharing contract (EPSC) with the Republic of Cyprus for offshore block 5.
Under the terms of the EPSC, QatarEnergy will hold a 40% working interest in block 5 while ExxonMobil will be the operator and hold a 60% working interest.
Block 5 covers an area of 4,500 sq km (1,737 sq mi) in water depths of up to 2,500 m (8,202 ft).
This is QatarEnergy’s second exploration block in the Republic of Cyprus. In 2017, QatarEnergy and ExxonMobil were awarded block 10. In February 2019, the companies made the Glaucus gas discovery, with estimated in-place resources of 5 to 8 tcf. Further assessments are planned over the coming months to further refine this estimate, the company said.
Saad Sherida Al-Kaabi, president and CEO of QatarEnergy, said: “As confirmed by our discovery in block 10, this region is promising and has very good potential for hydrocarbon exploration.”
12/10/2021
