ExxonMobil has found natural gas at the Glaucus 1-well in plot 10 of Cyprus’ Exclusive Economic Zone.
Authorities have said that this is the biggest off Cyprus since it started drilling for gas in 2011, as well as one of the biggest finds worldwide in the past two years.
The Glaucus-1 well has been estimated to have a gas-bearing reservoir of approximately 133 meters.
Additionally, the Cypriot government and ExxonMobil announced that, during exploratory drilling, a gas bearing reservoir estimated between 5 and 8 trillion cubic feet of gas was discovered. Cyprus existing gas field, Aphrodite, contains an estimated 4 trillion cubic feet of gas.
The Cyprus Energy Ministry said that on February 17, 2019, the “Glaucus-1” well reached a final drilling depth of 4,200 metres below sea level, in 2,063 metres of water.
Based on preliminary interpretation of the well data, the discovery could be calculated to contain natural gas resource of approximately 142 billion to 227 billion cubic meters.
Industry consultants Wood Mackenzie said they estimated recoverable resources of Exxon’s field to be 4.55 trillion cubic feet. That compares to its 6.4 tcf estimate for Calypso, found by Italy’s ENI and France’s Total last year.
Exxon owns a 60 percent stake in the block, known as Block 10, while Qatar Petroleum holds the remaining 40 percent.
If you are interested in investing in Cyprus please visit our Working with Us page.
Please feel free to contact us for a confidential assessment of your business needs in Cyprus.