Latest news with #Block10
Zawya
5 days ago
- Business
- Zawya
Oman's OQEP expects $1.6bln Marsa LNG bunkering project completion in 2028
OQ Exploration and Production (OQEP), an Oman-listed exploration and production company, expects completion of the $1.6 billion Marsa LNG project in 2028. 'Initial construction of the Marsa LNG plant commenced in the second quarter,' the company said in its financial results statement. The LNG bunkering facility, developed in partnership with France's TotalEnergies (80 percent stakeholder), will integrate natural gas production from Block 10 with a fully electric liquefaction plant and a solar power facility, making it one of the lowest GHG emission LNG plants in the world at 3kg CO2/boe. The project will serve the growing demand for LNG as a marine fuel, reducing shipping GHG emissions whilst strengthening Oman's position in the global energy sector. OQEP will also sell LNG directly to international markets through Marsa LNG. The company is also in discussions with British oil giant BP and its Block 61 partners to increase the gas volume by up to 2 trillion cubic feet gross for future projects, the statement added. (Editing by Anoop Menon) (
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Business Standard
07-07-2025
- Business
- Business Standard
ExxonMobil discovers new offshore natural gas reservoir near Cyprus
Drilling resulted in preliminary indications of 350 metres of a gas-bearing reservoir at a depth of 1.9 kilometres (1.2 miles) in the Pegasus-1 well, spokesperson Konstantinos Letymbiotis said Reuters A consortium led by ExxonMobil has found a reservoir of natural gas at a prospect off the island's coast, a Cypriot government spokesperson said on Monday. Drilling resulted in preliminary indications of 350 metres of a gas-bearing reservoir at a depth of 1.9 kilometres (1.2 miles) in the Pegasus-1 well, spokesperson Konstantinos Letymbiotis said. "Further assessment will be required in the coming months to evaluate the results," he said in a statement released after Cypriot President Nikos Christodoulides was briefed on the results. Letymbiotis said it is the second gas discovery made in Block 10 by partners ExxonMobil and QatarEnergy, following a discovery at the Glaucus-1 well announced in February 2019. The Glaucus-2 appraisal well, completed in March 2022, confirmed the existence of a high-quality gas-bearing reservoir. Cyprus has found quantities of natural gas at several locations rimming its south, but has yet to extract or commercialise it.
