Qatar Energy Finds New Offshore Reserves

QatarEnergy has reached an agreement with the Cypriot government and ExxonMobil to explore the Glaucus and Pegasus fields in Marine Area 10 off Cyprus, aimed at developing oil and gas resources. This agreement is a significant step towards strengthening the Eastern Mediterranean's role as an alternative energy corridor to Europe. A final investment decision is expected in 2029, with production anticipated to begin in 2033. The combined reserves are estimated to be between 8 and 9 trillion cubic feet.

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