An appraisal drilling for hydrocarbons off Cyprus has reaffirmed a reservoir of high quality gas in an area licensed to ExxonMobil and Qatar Petroleum, the island's energy ministry said on Monday.
The drilling was conducted by a consortium of ExxonMobil and Qatar Petroleum, which holds a licence over an offshore area south-west of Cyprus known as Block 10.
"The joint venture will proceed with a detailed analysis and assessment of the collected data to specify the qualitative and quantitative characteristics of the reservoir, but also the potential of developing and commercialising the find," the Ministry of Energy, Commerce and Industry said in a statement.
Cyprus previously estimated gas resources in the reservoir of 5 to 8 trillion cubic feet when the discovery from the Glaucus-1 well was announced in 2019. The drill appraisal to confirm the 2019 discovery in another well in the same block, known as Glaucus-2, started in Dec. 2021. The Stena Forth drill ship departed from the area late Sunday.Writing by Michele Kambas; Editing by Kirsten DonovanSign up to our investor newsletter to get the latest news and trends in global financial markets.Subscribe to our energy newsletter to get the latest news affecting the global energy industry.
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