Exxon Makes ‘World Class’ Cyprus Discovery

US major ExxonMobil has discovered 5-8tcf of gas on Cyprus offshore Block 10, the third significant gas discovery made off the Mediterranean island since 2011. But there is still no clear route for any of those fields to be developed.

The announcement this week by US major ExxonMobil (60%), partnered with Qatar state firm Qatar Petroleum (40%), that it has made a natural gas discovery on Block 10 southwest of Cyprus could lead to a flurry of exploration activity before the end of the year.

Exxon says that based on its initial interpretation, the Glaucus well “could represent an in-place natural gas resource of approximately 5-8tcf” adding that “further analysis in the coming months will be required to better determine the resource potential.” The message from Nicosia was not as reserved as that of the US major, with Energy Minister Giorgos Lakkotrypis telling reporters that Glaucus was a “world-class” discovery. (CONTINUED - 940 WORDS)