ExxonMobil Says Big Oil Field Found Off Cyprus

(AP Photo/Petros Karadjias, FILE)

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.

5 Comments

  1. Greece has long been known to have oil underneath, but the problem (in addition to Turkish objections) was that it was so deep, it was best to get to it from the sea. However, as Romania learned in the 1970s, take the oil out too fast and you get quakes.

  2. A “large commercial oil discovery” won’t be suitable for the construction of Liquefied Natural Gas facilities!

  3. Turkey’s 1974 counter-intervention to protect the Turkish Cypriot civilians from being slaughtered by blood thirsty Greek fascists (half of the Greek Cypriots, Socialists and Communists, did not back the fascist military coup organized by Greece’s Colenels Junta and pro-Greece fascist Sampson backers) was a neccessity and fully lawful.
    The Republic of Cypress was founded in 1963 with an international agreement between Turkey, UK and Greece, as acknowledged by the UN. All three countries were co-guarantors with the duty and right to act unilaterally had an external or internal interference to Cypress Republic took place. In the 1974 fascist Greek The elected Greek Cypress President Makarios and cabinet of Greek and Turkish Ministers were ousted, some detained. As one of the guarantors was the oppressor, Turkey’s PM flew to London and invited the third guarantor, UK to make a joint intervention. UK chose to play the three monkeys. After loosing some 250+ GIs, Turkish army drew the current boarders in Cypress and limited the Turkish Cypriot casualties to a couple of thousand, an unaccetably high portion being butchered babies, children and women.
    Ironically, some 20 years ago, Turkish Cypriots voted ‘YES’ and Greek Cypriots voted ‘NO’ in referendums for the refoundation of a unified Cypress Republic as per the 1963 agreement.

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