Qatar’s presence in eastern Mediterranean benefits Egypt, Turkey
Qatar is enhancing its presence in the eastern Mediterranean that is rich in oil and gas reserves at a time when tensions are ripping through the region over the maritime borders and excavation rights.
Qatar has strengthened its presence in the eastern Mediterranean, which is rich in oil and gas reserves, at a time when tensions are high in the region over maritime borders and exploration rights.
Qatar Energy, owned by the Qatari government, and the US giant ExxonMobil signed a contract Dec. 10 with Cyprus for oil and gas exploration and production sharing in Block 5 off the coast of the divided island of Cyprus.
This is Qatar's second exploration area in Cyprus. In February 2019, Qatar Energy and ExxonMobil also announced the discovery of a huge natural gas reserve in the Glaucus field off the coast of Cyprus in Block 10, the largest discovery on the island so far containing an estimated 5-8 trillion cubic feet.
Under the new agreement with the Nicosia government, Qatar Energy will own a 40% stake in Block 5, while ExxonMobil will own a 60% stake and will be the operator in the area.
