ExxonMobil and Cyprus announce huge gas find

Cyprus and ExxonMobil on Thursday announced a gas find estimated between 5-8 trillion cubic feet in an offshore field inside the island’s exclusive economic zone (EEZ).

The discovery was made in the Glafcos (Glaucus) 1 well in Block 10 of the EEZ.

“Based on preliminary interpretation of the well data, the discovery could represent an in-place natural gas resource of approximately 5 trillion to 8 trillion cubic feet (142 billion to 227 billion cubic metres). Further analysis in the coming months will be required to better determine the resource potential,” the company said in a statement.

According to the company, the well encountered a gas-bearing reservoir of approximately 436 feet (133 metres).

The well was safely drilled to 4,200 metres depth in 2,063 metres of water.

Glafcos was the second of a two-well drilling programme in Block 10. The first well, Delphine-1, did not encounter commercial quantities of hydrocarbons, the company said.

Block 10 is 635,554 acres (2,572 square kilometers). ExxonMobil Exploration and Production Cyprus (Offshore) Limited is operator and holds 60 percent interest in the block. Qatar Petroleum International Upstream O.P.C. holds 40 percent interest.

This is the second big find following Noble Energy’s discovery of 4.5 tcf in 2011 in the Aphrodite field in Block 12.