ExxonMobil is in talks with the Cypriot government over acquiring rights to a new offshore block in the island’s claimed exclusive economic zone, according to Politis, citing a report in the energy publication MEES.
The company is reportedly negotiating for Block 4, which lies adjacent to Blocks 5 and 10 — areas where ExxonMobil already holds rights, the latter in partnership with QatarEnergy.
Because the block borders existing concessions, the report says the government may opt for direct negotiations rather than launching a new licensing round.
Politis notes that ExxonMobil and QatarEnergy previously announced an estimated 7 trillion cubic feet of natural gas in the “Pigasos” and “Glafkos” fields in Block 10.
The two companies also operate jointly in Egypt’s exclusive economic zone.