Exxon Mobil Corp and QatarEnergy have signed a memorandum of understanding (MoU) with Egypt to evaluate the potential of creating pure gasoline discoveries in Cyprus via the North African nation’s current infrastructure.
“The MoU allows the three signatory events to review future progress alternatives and versatile industrial frameworks in mild of Egypt’s place within the area and its gasoline infrastructure, which serves each home shoppers and international markets”, state-owned QatarEnergy stated in an internet assertion. “It highlights Egypt’s function as a possible hub for Jap Mediterranean gasoline, supporting deeper integration between Egypt and Cyprus within the discipline of pure gasoline whereas optimizing the utilization of current infrastructure”.
QatarEnergy president and chief government Saad Sherida Al-Kaabi, who can also be Qatar’s power minister, stated, “This MoU represents an vital step in advancing regional power cooperation throughout the Jap Mediterranean via unlocking the long-term industrial potential of pure gasoline sources throughout that area”.
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Final 12 months Cyprus introduced a brand new gasoline discovery in Block 10, which United States power large ExxonMobil operates with a 60 % stake. QatarEnergy owns 40 % within the block, awarded 2017.
“The ‘Pegasus-1’ effectively, positioned about 190 kilometers offshore southwest of Cyprus, indicated roughly 350 meters [1,148.29 feet] of gas-bearing reservoir”, the presidency stated July 7, 2025.
That is the second discovery within the block, positioned southwest of Cyprus within the Jap Mediterranean.
The companions earlier discovered a gas-bearing reservoir about 436 ft in Glaucus-1. “Primarily based on preliminary interpretation of the effectively knowledge, the invention may characterize an in-place pure gasoline useful resource of roughly 5 trillion to eight trillion cubic ft (142 billion to 227 billion cubic meters)”, ExxonMobil stated in a press launch February 28, 2019.
In March 2022 appraisal effectively Glaucus-2 confirmed a “high-quality gas-bearing reservoir”, in keeping with the federal government. One of the best estimate of gas-in-place sources within the Glaucus discovery was 3.7 trillion cubic ft, in keeping with on-line data from Cyprus’ Power, Commerce and Trade Ministry.
Earlier than Glaucus, Delphyne-1 didn’t yield industrial portions of hydrocarbons.
ExxonMobil and QatarEnergy are additionally companions in Cyprus’ Block 5, for which they signed an exploration and manufacturing sharing contract 2021 with ExxonMobil as operator.
In April 2025 the Power Ministry introduced that outcomes from the Elektra-1 effectively in Block 5 indicated the presence of gasoline in non-commercial volumes.
“In keeping with Operator’s early evaluation, ‘Elektra-1’ has yielded encouraging outcomes, confirming the existence of a hydrocarbon system and good high quality reservoirs”, the ministry stated.
To contact the writer, e-mail jov.onsat@rigzone.com
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