ExxonMobil Joins QatarEnergy, Egypt MOU to Export 7 Tcf Cypriot Gas to Europe
XOM•ExxonMobil and QatarEnergy signed a memorandum with Egypt’s Petroleum Ministry to evaluate exporting up to 7 trillion cubic feet of Cypriot offshore gas via Egypt’s liquefaction facilities to European markets. The agreement targets Block 10’s Glaucus and Pegasus discoveries, boosting ExxonMobil’s role in Eastern Mediterranean gas exports to Europe.
1. MOU With QatarEnergy and Egypt
ExxonMobil signed a memorandum of understanding with QatarEnergy and Egypt’s Ministry of Petroleum to explore development and export pathways for gas discovered off Cyprus. The pact focuses on leveraging Egypt’s existing pipelines and liquefaction terminals to process and ship Cypriot gas to European markets.
2. Resource Base and Strategic Impact
The agreement centers on Block 10’s two major finds: the 2019 Glaucus discovery estimated at 3.7 trillion cubic feet and the 2025 Pegasus find, bringing combined reserves to around 7 trillion cubic feet. This collaboration could enhance ExxonMobil’s midstream portfolio and support Europe’s diversification of gas supplies from the Eastern Mediterranean.
