ExxonMobil announced last week a major offshore gas find in Cyprus Block 10.
It is estimated that the size of the natural gas reservoir ranges between 5 and 8 trillion cubic feet. The discovery was made at the well named ”Glaucus 1,” which is located inside the boundaries of Cyprus’ Block number 10 in the Republic’s Exclusive Economic Zone. Exxon holds a 60 per cent stake in the licence while Qatar holds 40 per cent. ExxonMobil stated in a press release that the well, located in Block 10, encountered a gas-bearing reservoir of approximately 436 feet (133 meters). The well was safely drilled to 13,780 feet (4,200 meters) depth in 6,769 feet (2,063 meters) of water.
Based on preliminary interpretation of the well data, the discovery could represent an in-place natural gas resource of approximately 5 trillion to 8 trillion cubic feet (142 billion to 227 billion cubic meters). Further analysis in the coming months will be required to better determine the resource potential.
According to media reports, the discovery is the largest so far in Cyprus and one of the largest in the world for this year, in terms of the sheer quantity of gas found. The overall quantity discovered puts ”Glaucus 1” in the medium-size category of natural-gas discoveries in terms of size.
The discovery further reinforces the role of Cyprus as an energy leader in the area and strengthens its position as a centre for international business with global potential. The findings have been reported in respectable media throughout the world, further bringing Cyprus to the centre of international energy developments.
