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...
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