The development of natural gas resources in the Eastern Mediterranean took a new step forward with the signing of the commercial discovery declaration for the Glaucus and Pegasus fields located in Block 10, off the coast of Cyprus. The agreement was signed by QatarEnergy, ExxonMobil and the Government of Cyprus during an event held in Nicosia.
Likewise, the parties signed a collaboration declaration that consolidates their commitment to advance the development of the block and expand strategic cooperation in future projects related to the country’s offshore energy resources.
Boost to the development of Block 10 in Cyprus
The declaration establishes a joint working framework to accelerate regulatory approvals, strengthen institutional coordination, and advance planning for future development and production activities in Block 10.
This agreement represents progress for the exploitation of Cyprus’ marine resources and strengthens energy cooperation in the Eastern Mediterranean, a region that continues to attract interest due to its gas potential.
QatarEnergy highlights regional cooperation
During the signing, Qatar’s Minister of State for Energy Affairs and QatarEnergy’s President and CEO, Saad Sherida Al-Kaabi, stated that the agreement is an important step to drive the development of the country’s offshore resources and strengthen regional energy cooperation.
The executive also thanked the Government of Cyprus and ExxonMobil, the company’s strategic partner, for their support, and expressed his expectation of maintaining close collaboration during the next phases of the project.
Next stages of the project
The organizations will work jointly to obtain the necessary regulatory authorizations and prepare the technical plans that will enable progress to the next phase of Block 10’s development.
In parallel, QatarEnergy and ExxonMobil reiterated their commitment to maintaining long-term collaboration both for the development of the Glaucus and Pegasus fields and to assess new exploration and production opportunities in the region.
Source: QatarEnergy
Photo: Shutterstock
