ExxonMobil for Cyprus: Large natural gas deposit of 5-8 tril. cubic feet in plot 10

A “good basis” for the creation of an LNG terminal although more quantities will be needed

From 5 to 8 trillion cubic feet is the natural gas deposit in plot 10 of the Cyprus Exclusive Economic Zone (EEZ), according to what the American company ExxonMobil announced on Thursday.

The successful conclusion of the drilling on the “Glafkos” objective of the Cyprus EEZ is the third hydrocarbon deposit located in the maritime area of the Republic of Cyprus. The “Aphrodite” deposit at block 12 (about 4 trillion cubic feet) and the “Calypso” deposit at block 6 for which the Total/ENI consortium did not report any quantity but the information places it near 4 tcf (trillion cubic feet).

As Cypriot Energy Minister G. Lakkotrypis mentioned, no deposits were identified in the “Delphi” target, but the overall results confirm the role of Cyprus as an alternative source of supply for the European Union.
He described the results as a “good basis” for the creation of a liquefaction terminal but noted that more quantities will be needed.

ExxonMobil’s Vice President, Tristan Asprey, expressed his enthusiasm for the deposits at “Glafkos”, stating that the US company will continue analyzing the results.

He pointed out that we are still at the beginning of a major journey for future growth, talking about the possibility of new discoveries in both block 10 and other pieces. He expressed interest in extensive research in the Eastern Mediterranean.

The President of the Republic of Cyprus was informed at 12 o’clock by a delegation of ExxonMobil, headed by Vice President Tristan Asprey.

Executives from leading oil and gas companies, including Eni, ExxonMobil, Hellenic Petroleum, Noble Energy and Total, are gathering on 6 and 7 March in Nicosia to discuss developments and industry prospects in the Eastern Mediterranean.

According to a statement, the Eastern Mediterranean Gas Conference (EMGC) 2019 is the most important energy sector event in the Eastern Mediterranean with a two-day program of speeches by field experts.

One of the most important points of this year’s conference is expected to be the panel discussion between executives of Eni, Total, ExxonMobil, Hellenic Petroleum and Noble Energy. The executives of the companies managing units in the region’s EEZ will discuss how Cyprus can tap into its potential to become a center for oil and gas services, explore the associated benefits and challenges and propose strategies for establishing Cyprus in this role.

The conference will also include high-level presentations by speakers such as Energy Minister George Lakkotrypis, Eni SpA Executive Vice President Europe and Russia Carlo Russo, North Exploration & Production Vice President of North Africa Elias Kassis and Managing Director of the Greek Hydrocarbon Management Company (EDEY) Yiannis Basias.