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Project Insights

Cyprus discovery boosts optimism but export questions remain

ExxonMobil and Qatar Petroleum have made a significant discovery offshore Cyprus, but they may need to discover more gas in the area to justify building LNG export infrastructure ExxonMobil and Qatar Petroleum have made a significant discovery offshore Cyprus, but they may need to discover more gas in the area to justify building LNG export infrastructure.
By Fatima Sadouki 1 March 2019 Middle East & Africa / Exploration & Production 0 33996
Cypriot gas could be exported via Egypt's Idku LNG plant. (Shell)

ExxonMobil’s announcement this week that it has made a substantial gas discovery offshore Cyprus confirms the region’s potential as a frontier area for gas. But although the discovery is big, it is perhaps not big enough, and the difficulties in monetising Cypriot gas remain.

Based on preliminary interpretations, the discovery made at the Glaucus 1 well, located in Block 10 southwest of Cyprus, could contain 142-227 billion cubic metres of gas-in-place resources, according to Exxon. Stephen Greenlee, president of ExxonMobil Exploration Co., said in a statement...