Exxon, QatarEnergy sign Egypt MoU for Cyprus natgas

Egypt, ExxonMobil and QatarEnergy signed an MoU last week to study the potential development and commercialisation of gas discoveries in Cyprus through Egypt’s existing gas and LNG export infrastructure, according to a leading energy journal. The MoU follows a Cyprus cabinet approval for the development and production plan for the 3.1 tcf Cronos gas field, paving the way for partners Eni and TotalEnergies to take a final investment decision (FID) and first natural gas exports within two years. QatarEnergy said the May 20 agreement will examine “future growth opportunities and flexible commercial frameworks.” “This MoU represents an important step in advancing regional energy cooperation across the eastern Mediterranean through unlocking the long-term commercial potential of natural gas resources across that region,” QatarEnergy CEO and Minister of State for Energy Affairs Saad al-Kaabi said. The MEES report said that the MoU comes as Exxon and QatarEnergy are steadily moving towards producing gas in their joint assets in the region. In April they declared commerciality at Cyprus’ Block 10 Glaucus and Pegasus discoveries, which hold around 7 tcf of gas in place combined. The pair are partnered 60:40 in Cypriot waters and at Egypt’s nearby Cairo and Masry offshore blocks. A wildcat well is expected to be drilled in Cairo in late 2026 or early 2027, and any discovery there could potentially open up development synergies with its Cypriot finds. President Nikos Christodoulides said earlier this month that Exxon is also in advanced talks to secure additional acreage offshore Cyprus. The latest agreement reinforces the extent to which Cyprus is becoming reliant on Egypt for the development of its gas finds. The post Exxon, QatarEnergy sign Egypt MoU for Cyprus natgas appeared first on Financial Mirror.