GLAUCUS-1 – ANOTHER GIANT HIT FOR EXXONMOBIL OFFSHORE CYPRUS

March 01, 2019

ExxonMobil partner Qatar Petroleum have made a natural gas discovery offshore Cyprus in the Eastern Mediterranean at the Glaucus-1 well.

• Glaucus-1 well encounters a gas-bearing reservoir of approximately 436 feet (133 meters)
• Well is located in offshore Block 10 southwest of Cyprus in the Eastern Mediterranean
• Further evaluation of Block 10 potential continues
• The well, located in Block 10, encountered a gas-bearing reservoir of approximately 436 feet (133 meters). The well was safely drilled to 13,780 feet (4,200 meters) depth in 6,769 feet (2,063 meters) of water.

Based on preliminary interpretation of the well data, the discovery could represent an in-place natural gas resource of approximately 5 trillion to 8 trillion cubic feet (142 billion to 227 billion cubic meters). Further analysis in the coming months will be required to better determine the resource potential.
“These are encouraging results in a frontier exploration area,” said Steve Greenlee, president of ExxonMobil Exploration Company. “The potential for this newly discovered resource to serve as an energy source for regional and global markets will be evaluated further.”
“This is the biggest find so far in Cyprus and based on some official data it is one of the biggest finds worldwide in the past two years,” Cypriot Energy Minister Yiorgos Lakkotrypis said.
Glaucus-1 was the second of a two-well drilling program in Block 10. The first well, Delphyne-1, did not encounter commercial quantities of hydrocarbons. The two exploration wells were drilled by the ultra-deepwater drillship Stena IceMAX which arrived on location in Cyprus’ offshore block 10 in November 2018.
Block 10 is 635,554 acres (2,572 square kilometers), it lays northwest of ENI’s giant gas field Zohr in the Egyptian sector of the Medditerranean Sea. ExxonMobil Exploration and Production Cyprus (Offshore) Limited is operator and holds 60 percent interest in the block. Qatar Petroleum International Upstream O.P.C. holds 40 percent interest. (Source: ExxonMobil)