Help start up LNG projects in the Black Sea until 2033

• Glaucus and Pegasus companies have finalized commercial contracts, with work set to begin in 2033.
• ExxonMobil and QatarEnergy plan to launch LNG-infrastructure projects for export.
• The companies plan to start drilling in the Pegasus blocks 4 to 10A using the Glaucus and Pegasus offshore rigs.

ExxonMobil, ExxonMobil and QatarEnergy have signed two maritime gas commercial contracts. According to the documents, the start of drilling in the Black Sea is planned for 2033.

In the commercial contract, signed in Nikosia, it is stated that ExxonMobil will drill the Glaucus and Pegasus fields in stages. In particular, ExxonMobil’s drilling of new projects John Ardill is scheduled to begin in 2029, while drilling is to be completed in 2033.

In addition, Ardiil, the contract’s counterparty, provides for gas supply from a field whose development will be carried out by the Glaucus and Pegasus offshore rigs for export. The document also notes that the LNG term at the Cyprus plant will be determined at a later date.

Ardiil also provides that ExxonMobil will drill the Pegasus field, and that the development will be carried out in blocks 4 and 10A by the Glaucus and Pegasus rig. In addition, the plan envisages that ExxonMobil will drill the Pegasus field in order to develop the deposit.

The Glaucus and Pegasus fields are expected to be developed in blocks 10. The offshore project is expected to produce 7 trillion cubic feet of gas. According to the documents, ExxonMobil and QatarEnergy will start work in Cyprus, which will involve the construction of LNG infrastructure for export. The minister of energy of Cyprus, Michael Damianos, said that the remaining fields will be developed through new round licenses for the next two years. He added that Cyprus is expected to benefit from the development of these fields.

Tags: Energy/Middle East