News Local Plot 10 natural gas find has estimated value of $30b to $40b

Plot 10 natural gas find has estimated value of $30b to $40b

ExxonMobil’s discovery of a natural gas reservoir at the Glaucos well in plot 10 of Cyprus’ EEZ has an estimated value of between $30b and $40b and could generate enough electricity to cover Cyprus’ needs for the next 200 years, Phileleftheros reported on Friday.

ExxonMobil and the Cyprus government yesterday announced the find potentially represents between 5 and 8 trillion cubic feet (tcf) . This makes it the second biggest find in the past 12 months and the third biggest the past two years. The biggest find was in Senegal (15 tcf) and the second biggest in Russia (11 tcf).

“This is the biggest discovery to date in Cyprus’ EEZ and based on official data one of the biggest worldwide in the past two years,” Energy Minister Yiorgos  Lakkotrypis said at a joint press conference with ExxonMobil vice president Tristan Asprey.

Industry consultants Wood Mackenzie said they estimated recoverable resources of Exxon’s field to be 4.55 tcf. That compares to its 6.4 tcf estimate for Calypso, found by Italy’s ENI and France’s Total last year.

“Glaucus is a giant. It will be one of the biggest discoveries of the year,” Senior Research Analyst for Europe, Robert Morris, said. “(It) maintains the East Mediterranean’s position as one of the world’s premier exploration hotspots.”

The company is expected to carry out a confirmation drilling in 12 to 18 months from now.  The ExxonMobil-Qatar Petroleum consortium should inform the Republic of Cyprus of its plans within the next 30 days, and give a precise date should it decide to go ahead with a confirmation drill, within four months.

Phileleftheros said that the date will depend on when the consortium plans to carry out further exploratory drilling at a different site in plot 10.

It added that the official announcement of the find means ExxonMobil will remain in Cyprus for at least 20 years – which is the anticipated ‘life span’ of the reservoir and create significant links in the economic and geopolitical interests of Cyprus and the US.

In addition, ExxonMobil is now more ready to explore investments in the area, including the possible construction of an LNG plant in Cyprus.

Phileleftheros said that ExxonMobil is looking at five other possible sites for exploratory drills within plot 10. The newspaper said that the company is also interested in plot 12, the rights for which except for the Aphrodite field, have been returned to the Republic and may be available and is also said to be interested in plot 11.

The next exploratory drill in Cyprus’ EEZ is expected next November, while another seven are planned before the end of 2020 – two by ExxonMobil-Qatar Petroleum and five by TOTAL- ENI.

TOTAL-ENI are expected to carry out a confirmation drill in Calypso in November and the consortium is also planning exploratory drills in plots 3,6,7,8 and 11.

Read more


Top Stories

Ten new corona virus cases detected out of 2,619 tests

According to the Epidemiological Surveillance Unit of the Ministry of Health 10 new cases of the SARS-CoV-II virus were detected out of a total...

Fine of €6,500 in a bar in Paphos for violating decrees

The Paphos District Court imposed a fine of €6,500 on Monday, on a property owner for violating the decree of the Law on Disinfection. Specifically,...

Toxic chemicals removed from site of accident in Nikou Pattichi St.

Fire Service members on Monday morning rushed to the busy Nicos and Despinas Pattichi Avenue in central Limassol where a barrel in a van...

Cyprus and Russia agree to amend Double Tax Treaty

Cyprus and Russia agreed on Monday to amend the Cyprus-Russia Double Tax Treaty, as Minister of Finance Constantinos Petrides wrote in a post on...

Greek Foreign Ministry calls on Turkey to stop its illegal actions

The Greek Foreign Ministry sent a clear message that Greece will defend it sovereignty and its sovereign rights and called on Turkey to immediately...


Octopus ‘Kathisto’ (or Octopus braised in Wine)

Ingredients: 1/2 cup Greek extra virgin olive oil 2 medium onions, chopped fine 1 large octopus, about 2kg (cleaned and kept whole) 3/4 cup dry red wine 1/3 cup...

Homemade lemonade

Ingredients: 1 cup lemon juice 1 cup sugar Method: Thoroughly wash the lemons with soap and warm water. Roll each lemon with the palm of your hand, pressing...

‘Striftaria’ mini cheese pies

Ingredients 1 ½ cup milk 2 tbsps. flour 4 tsps. of butter 3 eggs, slightly beaten + 1 extra with 1 tbs. of milk for spreading 1 pack of...

Mini potato canapes baked on salt

Ingredients Serves: 12 1kg small Cypriot potatoes rock salt, as needed 250g salted butter 300ml full fat cremé frâiche 1 pot cod or salmon roe Method Prep:20min › Cook:35min › Ready in:55min Take...