International oil and gas company, ExxonMobil Corporation (ExxonMobil), has discovered natural gas offshore of Cyprus in the Eastern Mediterranean at the Glaucus-1 well.
Located in Block 10, the well encountered a gas-bearing reservoir of approximately 133 meters on Thursday, 28 February.
The Company has stated that the well was safely drilled to a depth of 4,200 meters in 2,063 meters of water.
Based on a preliminary interpretation of the well data, the discovery could represent an in-place natural gas resource of approximately 142 billion to 227 billion cubic meters. However, further analysis in the coming months is expected to occur to better determine the resource potential.
In commenting on the news, President of ExxonMobil Exploration Company, Steve Greenlee, said that these are encouraging results in a frontier exploration area.
“The potential for this newly discovered resource to serve as an energy source for regional and global markets will be evaluated further,” he commented.
Glaucus-1 was the second of a two-well drilling program in Block 10, which spans approximately 2,572 square kilometres.
The first well, Delphyne-1, did not encounter commercial quantities of hydrocarbons.
ExxonMobil Exploration and Production Cyprus (Offshore) Limited is the operator of Block 10 and holds 60 per cent interest, while Qatar Petroleum International Upstream O.P.C. holds 40 per cent interest.