NiseriN
Exxon Mobil (NYSE:XOM) and partner QatarEnergy have made a second natural gas discovery off the coast of Cyprus, the government said Monday, a find that bolsters the region’s potential as an energy exporter.
The Pegasus-1 well made its discovery in ~190 km southwest of Cyprus at a depth of 6,300 ft of water; no estimates of the quantity of natural gas were given, but more assessments will be conducted in the coming months to evaluate the results, a government spokesperson said.
It is the second gas discovery made in Block 10 by partners Exxon (NYSE:XOM) and QatarEnergy, following a discovery at the Glaucus-1 well announced in February 2019, and the Glaucus-2 appraisal well completed in 2022 confirmed the existence of a high-quality gas-bearing reservoir; Cyprus officials have said Glaucus-1 is estimated to contain 3.7T cf of natural gas.
Overall, Pegasus-1 is the sixth natural gas deposit to be discovered inside Cyprus’ economic zone in the last 14 years.
Cyprus has found quantities of natural gas at several locations rimming its south, but has yet to extract or commercialize it.