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Economy

ExxonMobil-Qatar Petroleum Say Big Gas Find Off Cyprus

NICOSIA – Drilling off Cyprus has discovered a field of high quality gas in waters licensed by the government to the consortium of the US ExxonMobil energy giant and its partner Qatar Petroleum, the Energy Ministry said.

The drilling was conducted in an area known as Block 10 in the Exclusive Economic Zone (EEZ) that has been challenged by Turkey, with Turkish-Cypriots occupying the northern third of the island since two 1974 Turkish invasions.

“The joint venture will proceed with a detailed analysis and assessment of the collected data to specify the qualitative and quantitative characteristics of the reservoir, but also the potential of developing and commercialising the find,” the Ministry of Energy, Commerce and Industry said in a statement, reported Reuters.

Cyprus previously estimated gas resources in the reservoir of 5-8 trillion cubic feet when the discovery from the Glaucus-1 well was announced in 2019, the drill appraisal confirming a discovery in another well there in 2021.

Turkey has been drilling in other areas it claims in Cyprus’ EEZ, in defiance of soft European Union sanctions, going along with Turkish-Cypriots in rejecting an offer by the Greek-Cypriot government to share 30 percent of any lucrative revenues.

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