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ExxonMobil makes significant natural gas discovery offshore Cyprus

ExxonMobil has made a natural gas discovery offshore Cyprus in the Eastern Mediterranean at the Glaucus-1 well.

MenCY

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.

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.

These are encouraging results in a frontier exploration area The potential for this newly discovered resource to serve as an energy source for regional and global markets will be evaluated further.

—Steve Greenlee, president of ExxonMobil Exploration Company

Glaucus-1 was the second of a two-well drilling program in Block 10. The first well, Delphyne-1, did not encounter commercial quantities of hydrocarbons.

Block 10 is 635,554 acres (2,572 square kilometers). ExxonMobil Exploration and Production Cyprus (Offshore) Limited is operator and holds 60% interest in the block. Qatar Petroleum International Upstream O.P.C. holds 40% interest.

Comments

Calgarygary

200 billion cubic meters works out to about 8 billion gigajoules which if valued at $5/gj works out to 40 billion.

It wouldn't surprise me if there are petroleum resources off the coast of Syria as well.

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