ExxonMobil makes big natural gas discovery the coast of Cyprus
ATHENS- Exxon Mobil announced on Thursday that it has made the world's third-biggest natural gas discovery off the coast of Cyprus in the Eastern Mediterranean at the Glaucus-1 well. The region is already know for some of the world's largest such discoveries. It wants to become an alternative energy source for Europe.
Glaucus-1 was the second of a two-well drilling program in Block 10. The well was safely drilled to 13,780 feet depth in 6,769 feet of water. The first well, Delphyne-1, did not encounter commercial quantities of hydrocarbons. At a press conference in Nicosia, Cyprus Energy Minister George Lakkotropis said he is excited about the findings."It is an amazing development for all of Cyprus. This is the greatest discovery within our Exclusive Economic Zone . In the coming months, the amount of natural gas will be more accurately estimated," he said.
Perched on the maritime edge of two massive gas finds in the Levant Basin - Leviathan off Israel and Zohr off Egypt, Cyprus, lies in a region of overlapping rivalries and geopolitical risk. Cyprus is ethnically divided, and Turkey, which supports a breakaway Turkish Cypriot state in north Cyprus, says Greek Cypriots have no jurisdiction to explore for natural gas. Greek Cypriots say it is their sovereign right.
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