ECONOMY

ExxonMobil announces discovery of gas reserve in Cyprus

exxonmobil-announces-discovery-of-gas-reserve-in-cyprus

US oil giant ExxonMobil announced on Thursday the discovery of a significant offshore gas find in Cyprus’s Block 10, Kathimerini Cyprus reported.

According to the preliminary interpretation of the data, the natural gas reservoir at the Glaucus-1 well is estimated between 5 trillion to 8 trillion cubic feet.

The company said it will analyze the data in the coming months to get a clearer picture of the reserve's potential.

The discovery is the largest gas find in the country’s Exclusive Economic Zone (EZZ) so far.

Earlier in the day, ExxonMobil Vice President of Exploration for Europe, Russia, and the Caspian, Tristan Aspray, briefed Cyprus President Nicos Anastasiadi's on the company’s initial finding.

ExxonMobil and partner Qatar Petroleum started drilling in block 10 of Cyprus’s exclusive economic zone (EEZ) in mid-November. Noble Energy made a significant discovery in the country's Aphrodite field in 2011, while last February, Italy’s ENI discovered Calypso in block 6, though confirmatory drilling is still pending.