NICOSIA, Cyprus – Exxon Mobil Corp. has confirmed the presence of high-quality gas after completing drilling operations at the Glaucus-2 appraisal well, off the coast of Cyprus.
ExxonMobil and Qatar Petroleum hold the license to operate Cyprus’ offshore Block 10. The two companies received the exploration concession in 2017, with ExxonMobil operating the block with a 60% ownership interest and Qatar Petroleum holding the remaining interest.
Cyprus previously estimated gas resources in the reservoir of 5-8 trillion cubic feet of natural gas when the discovery from the Glaucus-1 well was announced in 2019. Exxon and Qatar Petroleum began drilling the Glaucus-2 well in December 2021.
ExxonMobil and Qatar Petroleum say they will conduct a detailed examination and evaluation of the collected data to determine the qualitative and quantitative characteristics of the reservoir more precisely.
The two companies say they will also evaluate the potential options to develop and commercialize the discovery. Once completed, the consortium will notify the ministry about the evaluation results.