This year was set to be key for Cyprus’ offshore gas dreams, with appraisal drilling slated for the island’s key 2018 and 2019 discoveries, Calypso and Glaucus. But firms have now taken an axe to their 2020 capex plans.
ExxonMobil has postponed a two-well Cyprus campaign from Q3 as it slashes 30% from 2020 capex (MEES, 10 April). Energy Minister Giorgos Lakkotrypis says the “good news,” is that Exxon “remains committed,” with drilling officially postponed by 12 months rather than canceled. The wells are slated to appraise the 5-8tcf February 2019 Glaucus on Block 10 (Exxon 60%, QP 40%) (MEES, 24 May 2019). (CONTINUED - 513 WORDS)