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articles | 01 March 2019 | ServPRO Accountants & Consultants

ExxonMobil – major gas discovery in Cyprus’s Exclusive Economic Zone

ExxonMobil, a US based oil giant, announced on Thursday, 28 February 2019, a colossal gas discovery located at reservoir “Glaucus-1” in Block 10, located southwest of Cyprus in the Eastern Mediterranean region.

“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,” Cypriot Energy Minister Yiorgos Lakkotrypis said.

ExxonMobil (60% stake owner) and partner Qatar Petroleum (40% stake owner), estimated in-place gas resources in the reservoir at 5 to 8 trillion cubic feet of gas, but further data analysis will help them get a clearer picture of the reserve’s potential.

“These are encouraging results in a frontier exploration area,” said Steve Greenlee, president of ExxonMobil Exploration Company. “The potential for this newly discovered resource to serve as an energy source for regional and global markets will be evaluated further.”

President & CEO of Qatar Petroleum, Saad Sherida Al-Kaabi, said the discovery was an important milestone in the company’s strategy to expand its international footprint.

According to Cyprus News Agency (CNA), a new commercial gas field discovery (following that of Aphrodite in block 12), creates positive consequences on three levels:

  • strengthens the Cyprus’ EEZ hydrocarbon resources.
  • consolidates the presence of the largest hydrocarbon company in the world in the Cypriot EEZ.
  • gives a new momentum in view of ENI/TOTAL’s drilling schedule in 2019 which includes five drillings.
Senior Research Analyst for Europe, Robert Morris, said: “Glaucus is a giant. It will be one of the biggest discoveries of the year.”

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