ExxonMobil gas discovery for offshore Cyprus

ExxonMobil gas discovery: ExxonMobil has announced a huge discovery of natural gas off the coast of Cyprus.

The well, located in Block 10, found a reservoir, which could potentially represent between five trillion to eight trillion cubic feet of gas.

Further analysis will be undertaken over the coming months to better determine this estimate.

Steve Greenlee, President of ExxonMobil Exploration Company said: “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.”

Glaucus-1 was the second of a two-well drilling programme – the first well, Delphyne-1, did not find commercial quantities of hydrocarbons.

ExxonMobil is the operator and holds 60% interest in the block and Qatar Petroleum International Upstream holds a 40% stake.

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