Exxon Eyes More Cyprus Wells, Israel Entry?

Fresh from last month’s 5-8tcf Glaucus discovery on Cyprus’ offshore Block 10, US major ExxonMobil says it may revise its plans and drill more explorations wells in the block.

Exxon Senior VP Neil Chapman told his firm’s 6 March Investor Day in Houston that the Glaucus discovery “caused us to think a little bit more about the geological concept. It’s led us to think about other development opportunities in Block 10” where Exxon (60%) is partnered with Qatar Petroleum (40%).

The firm has drilled both of what it initially said would be two wells on the block. Last November’s Delphine was dry, but Glaucus ( MEES, 1 March ) “turned out to be a pretty nice discovery,” according to Mr Chapman. “We had planned to drill just those two exploration wells, we’re now rethinking that. It may, I’m not saying it will, it may cause us to do some more exploration drilling on that block,” he adds. (CONTINUED - 664 WORDS)