- Captured Cyprus offshore Block 10
- Generated significant cash flow with divestment of operated assets in Norway
- Supplied nearly 4 Bcfd of natural gas to European markets via pipeline gas and LNG
- Completed concept selection for Neptun Deep project offshore Romania
In April 2017, ExxonMobil, along with partner Qatar Petroleum, signed an exploration and production sharing contract with the government of the Republic of Cyprus for offshore exploration in Block 10. We completed the acquisition of more than 5,500 square kilometers of 3D seismic data; technical and commercial evaluations are ongoing. We intend to begin exploration drilling in 2018.
We divested portions of our mature upstream business to Point Resources AS in 2017. We retain a large presence in Norway through significant equity participation in 20 partner-operated offshore fields, with net production of 102,000 barrels of liquids and 397 million cubic feet of natural gas per day.
As operator of the Neptun Deep license in the Black Sea, we recently selected a development concept and completed associated early engineering and construction planning. The concept leverages our cMIST proprietary technology, which dehydrates natural gas inside pipes instead of in costly towers. Detailed engineering, contracting, and commercial viability studies will continue in 2018.
Highlight: LNG joint ventures with Qatar
ExxonMobil supplies natural gas to the European market through LNG from our joint ventures with Qatar Petroleum. We jointly own receiving terminals in Italy and the United Kingdom.
Photo: The Adriatic LNG terminal is located offshore Italy. It is the world’s first gravity-based offshore LNG terminal. In 2017, 77 cargoes were offloaded.