Mar 04 | 2019
Oil firm Qatar Petroleum, in partnership with ExxonMobil, has announced a major find in offshore Cyprus.
The discovery in Block 10 in the Eastern Mediterranean, about 180 kilometers southwest from Limassol port, is in a water depth of 2,063 meters.
“We are pleased to announce this discovery in Cyprus, which is the second in Qatar Petroleum’s international exploration portfolio. This achievement is an important milestone in our strategy to expand our international footprint,” said His Excellency Saad Sherida Al-Kaabi, president and CEO of Qatar Petroleum, and Minister of State for Energy Affairs.
Deepwater Gas-bearing Reservoir
The partners estimate about 133 meters of gas-bearing reservoir at the site, following complete ion of the Glaucus-1 well, drilled to a depth of about 4,200 meters.
“Based on preliminary interpretation of well data, the discovery could represent an in-place resource of approximately 5 trillion to 8 trillion cubic feet,” a Qatar Petroleum spokesperson said.
ExxonMobil operates a 60-percent working interest in the block, which covers an area of 2,572 square kilometers, while Qatar Petroleum retains the remaining 40 percent working interest.
Competition Heats Up for North Field Expansion
Breakbulk operators also continue to eye bidding for Qatar’s North Field Expansion project, where six international oilfield services firms are reported to be in the final running.
Work comprises all engineering, procurement and construction for the massive expansion project and will involve breakbulk transport of jackets for multiple wellhead platforms.
Following drilling of 15 appraisal wells over the last two decades, the field has emerged as the largest non-associated natural gas field in the world, holding recoverable reserves of more than 900 trillion standard cubic feet, equal to about 10 percent of the world’s known reserves.
