In what could be a geopolitical game changer for divided Cyprus, US energy giant ExxonMobil said it has discovered a large and commercially viable oil reservoir in an area off the island where it has been licensed to look for oil and gas.
It was the second target in Block 10 named Glaucus-1, according to Kathimerini Cyprus sources with knowledge of the matter who were not identified but official results from the company are not expected until the end of next week.
The news of the discovery follows uncertain indications over natural gas deposits in an earlier exploratory drilling at Delphyne-1 target, also in Block 10 with sources telling the papers that the geological formations of the Glaucus target are limestone sedimentary rocks and if oil was found, it means the drill has gone down six kilometers (3.72 miles).
ExxonMobil said this is a completely different geological target in comparison to Delphyne-1 and that this discovery came during an initial phase. To proceed with the construction of Liquefied Natural Gas facilities, deposits will have to exceed 15 TCF.
Turkey had sent warships to keep foreign companies from drilling and said it would conduct its own in parts of Cyprus’ Exclusive Economic Zone (EEZ) it doesn’t recognize and wants Turkish-Cypriots living in the northern third occupied since an unlawful 1974 invasion to share in any revenues discovered and to take part in the licensing.