Exxon Mobil-Qatar Petroleum talks with Cyprus about new natural gas field

Exxon Mobil-Qatar Petroleum are talking with the Cypriot government about a 40% of the R&D rights of Block 10 inside the country’s EEZ. The colossal state energy company Qatar Petroleum (QP) is expanding especially on the LNG sector in Maroko and Cyprus.

After two years of falling oil prices QP moves on with the merge of the Qatargas and RasGas Co Ltd to save millions of dollars. Also, last November they were approved by the US authorities to build a LNG unit along with Exxon Mobil. The company is also interested for a cooperation with the Italian Eni on the latter’s Mozambique natural gas contract, again with the cooperation of Exxon.

On a parallel development the Ministers of Energy of Israel, Cyprus, Greece and Italy will meet on early April in Israel to discuss the common project of natural gas transportation from Eastern Mediterranean to Europe via Italy.

According to information released so far the pipeline will be 2000 km long and the cost approximately bn5,5 Euros.

However, Tel Aviv is also talking with Ankara for the, not so likely, possibility of the pipeline through Turkey.