Cyprus confirms new gas discovery by ExxonMobil

The governent of Cyprus on Monday confirmed a new natural gas discovery by ExxonMobil within its exclusive economic zone, describing the find as another step forward in the country's energy development strategy.

In an official statement, Cypriot government spokesperson Konstantinos Letymbiotis announced that the drilling operation, carried out by ExxonMobil, identified a 350-meter gas column. While further details on the field's capacity were not disclosed, Letymbiotis emphasized that additional assessments would be conducted in the coming months to determine the field's potential.

Cypriot Energy Minister George Papanastasiou described the new find as "another good gas field," expressing optimism over the country's growing offshore energy resources.

Local industry analysts, cited by Cypriot media, estimated that the newly discovered field could contain up to 3.2 trillion cubic feet of recoverable natural gas. They cautioned, however, that final estimates would depend on the geological characteristics of the reservoir, particularly rock porosity.

The new discovery is located near a previously identified gas field also operated by ExxonMobil, which contains a 133-meter gas column. If confirmed, the new reserve could significantly add to Cyprus' estimated offshore natural gas reserves, which currently stand at approximately 17 to 18 trillion cubic feet from five confirmed fields.

Papanastasiou noted that consultations are ongoing regarding the transportation of gas from this and neighboring fields to existing infrastructure in Egypt, specifically the Zohr gas field, with plans for eventual liquefaction at plants near Alexandria.

Notably, Kazakhstan’s Kashagan oilfield has produced 115mln tons of crude oil since its inception.