ExxonMobil’s drilling exploratory drilling at the Glafcos-1 site in block 10 is believed to have struck a sizeable gas reserve, Phileleftheros reported on Friday.
According to the paper, the reserve is reportedly the largest found so far in Cyprus’ exclusive economic zone.
The newspaper said the discovery has the potential to change the landscape of the country’s gas market as:
- The reserve in Glafcos-1 is large and marketable which will bring benefits and value to Cyprus’ economy.
- The discovery guarantees the presence of giants of the industry such as ExxonMobil and Qatar Petroleum in Cypriot waters for the next two decades.
- The reserve found in Glafcos-1, if complemented with additional findings in the future, can lead to fulfilling the minimum requirements for creating a Liquefaction Natural Gas Plant (LNG Plant) in Cyprus.
- Combined with the gas in Glafcos-1, other, smaller reserves already found or those that will be found in the future, will now be able to be extracted without the need for massive investment.
- The reserve in Glafcos-1 has different geological features than the reserves already found as it was discovered at a lesser depth. This increases the possibility that other reserves at a lesser depth exist in Cyprus’ exclusive economic zone, which in turn has the potential to increase the interest of gas companies for Cyprus.
According to Phileleftheros, ExxonMobil and Qatar Petroleum are expected to make an announcement on the drilling results next week.
Government Spokesman Prodromos Prodromou said on Friday that the government did not have a predetermined date for the announcement of ExxonMobil’s drilling results, in block 10 of Cyprus Exclusive Economic Zone.
The results of the drilling that has started last November are expected to be announced any time soon, according to the initial planning and following the conclusion of exploration at wells Delphine-1 and Glafcos-1.
Asked when the announcement was expected, Prodromou said that “we do not have a predetermined date. It is clear that in the coming days, we all expect that there would be results, as soon as the company is ready to finalize them and to announce them.”