Optimism in Cyprus ahead of ExxoMobil’s results in block 10 exploratory wells

Optimism prevails in Cyprus over the results of ExxonMobil and Qatar Petroleums two exploratory wells in block 10 in the countrys Exclusive Economic Zone (EEZ).

Press reports suggest that geological structures discovered in Glaucus 1 prospect show similarities with Egypt’s giant Zhor gas field while the deposit is considered as commercially viable.

ExxonMobil’s Vice President Europe Russia Caspian and Asia Pacific / Middle East, Tristan Aspray and Energy Minister Yiorgos Lakkotrypis will brief Cyprus President Nicos Anastasiades at 12:00 local time (GMT 10:00), while at 13:00 Lakkotrypis will brief political parties.

On 14:00, Lakkotrypis and Aspray will announce the results in a joint press conference.

The consortium of ExxonMobil and Qatar Petroleum carried out two exploratory wells in Delphyne 1 and Glaucus 1 prospects in block 10 in early 2019.

Reliable sources have told CNA that a possible discovery of a new commercial gas field (following that of Aphrodite in block 12) creates positive consequences on three levels; strengthens the Cyprus’ EEZ hydrocarbon resources, consolidates the presence of the largest hydrocarbon company in the world in the Cypriot EEZ, while giving a new momentum in view of ENI/TOTAL’s drilling campaign in 2019 which includes five drillings.

Source: Cyprus News Agency