Cyprus Says Exxon Gas Discovery Is The Country’s Biggest To Date
By Tsvetana Paraskova OILPRICE – Feb 28, 2019, 2:00 PM CST
As widely expected, ExxonMobil said on Thursday that it had made a natural gas discovery southwest off Cyprus, which Cypriot authorities hailed as the largest find offshore the eastern Mediterranean island to date.
In a statement on Thursday, Exxon said that based on preliminary interpretation of data at the Glaucus-1 well, the natural gas discovery could represent an in-place natural gas resource of around 5 trillion to 8 trillion cubic feet (142 billion to 227 billion cubic meters).
Glaucus-1 was the second of a two-well drilling program in Block 10 offshore Cyprus. The first well, Delphyne-1, did not encounter commercial quantities of hydrocarbons, Exxon said.
“The potential for this newly discovered resource to serve as an energy source for regional and global markets will be evaluated further,” said Steve Greenlee, president of ExxonMobil Exploration Company.
The Energy Minister of Cyprus, Georgios Lakkotrypis, said, as carried by Reuters:
“This is the biggest find so far in Cyprus, and based on some official data it is one of the biggest finds worldwide in the past two years.”
“ExxonMobil & QatarPetroleum make a world-class discovery offshore Cyprus at Glaucus. A high-quality reservoir 5-8 TCF of NatGas is added to the country’s reserves and demonstrates the emergence of the Republic’s EEZ as an alternative indigenous source of supply to the EU,” Lakkotrypis tweeted today.