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QatarEnergy, ExxonMobil, Cyprus Declare Commerciality for 2 Gas Fields

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QatarEnergy, ExxonMobil (XOM), and the Republic of Cyprus signed a commercial discovery declaration for the Glaucus and Pegasus gas fields in Block 10, offshore Cyprus, according to a statement on Tuesday.

The signing will enable the parties to join forces on seeking regulatory approvals, QatarEnergy said, as the fields enter the next phase of their development.

The companies and the government also signed a collaboration statement to further develop the natural gas resources in the block.

Meanwhile, Cypriot Energy Minister Michael Damianos said he welcomed the consortium's interest in pursuing offshore exploration in Blocks 4 and 10A within the country's Exclusive Economic Zone.

Price: $136.12, Change: $+0.08, Percent Change: +0.06%

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