Doha – Qena:
Qatar Energy signed a declaration of commercial feasibility for the discoveries of the Glucos and Pegasus fields in offshore Block 10 in the Republic of Cyprus, in addition to a statement on cooperation with both the Cypriot government and ExxonMobil.
The statement, which was signed in the city of Nicosia, constitutes a milestone in the development of Cyprus’ marine resources, and reflects the strong and constructive relationship between the three parties and their joint commitment to continuing long-term cooperation and partnership, which includes developing Area No. 10 and exploiting future opportunities.
Commenting on this occasion, His Excellency Eng. Saad bin Sherida Al Kaabi, Minister of State for Energy Affairs, Managing Director and CEO of Qatar Energy, said: “This announcement constitutes a milestone in efforts to develop offshore oil and gas resources in Cyprus, and in enhancing regional cooperation in the field of energy across the Eastern Mediterranean.”
His Excellency added, “We extend our thanks to the government of Cyprus and our strategic partner ExxonMobil for their support and cooperation with us, and we look forward to continuing our close cooperation to complete the next phase of the development of Area No. 10 and other future opportunities.”
According to the statement, the three parties will work to achieve regulatory requirements and obtain the required approvals, in addition to development and production planning efforts in support of the next phase of work activities in Area 10.
Qatar Energy and ExxonMobil stressed their common desire to continue dialogue and consensus on the development of Area No. 10, and to broadly exploit potential future exploration opportunities.
