Consortium signs production contract for Cyprus block

A consortium of QatarEnergy and ExxonMobil has signed an exploration and production sharing contract (EPSC) with the Republic of Cyprus for offshore Block 5, south-west of the island adjacent to Block 10. Block 5 covers an area of 4,500 square kilometres with water depths of up to 2,500 metres.

This is QatarEnergy’s second exploration block in the Republic of Cyprus, in addition to Block 10, which was awarded to the same consortium in 2017 and resulted in the 2019 Glaucus gas discovery with estimated in-place resources of 5-8 tcf of gas.

Further assessments are planned over the coming months to further refine this estimate.

ExxonMobil will be operator in Block 5 with 60% working interest. QatarEnergy will hold the remaining 40%.

Source: Oil & Gas Journal