NICOSIA, Cyprus– A consortium comprised of ExxonMobil and companion Qatar Power International has actually made a 2nd gas exploration underneath the seabed south of Cyprus, the federal government stated Monday, a locate that boosts the area’s possibility as a power merchant.
New gas explorations in the eastern Mediterranean might assist Europe reduce its dependancy on Russian hydrocarbons by expanding its power supply and aid uphold a budding power collaboration in between Cyprus, Greece and Israel, stated John Sitilides, an elderly other at the Diplomacy Research study Institute and geopolitical planner at Trilogy Advisors in Washington.
” Washington and Brussels would certainly be important to sustain this hydrocarbon network to create a better procedure of vital power freedom for Europe’s confident re-industrialization,” Sitilides stated.
Cypriot federal government representative Konstantinos Letymbiotis stated in a composed declaration that the ExxonMobil’s vice head of state, John Ardill, oriented Cypriot Head of state Nikos Christodoulides regarding the exploration at the Pegasus-1 well throughout a teleconference.
The well was found regarding 190 kilometers (118 miles) southwest of Cyprus at a deepness of 1,921 meters (6,302 feet) of water. No quotes of the amount of gas were provided. The declaration stated much more analyses will certainly be carried out in the coming months to examine the outcomes.
The ExxonMobil-Qatar Power consortium holds expedition licenses for 2 locations– or obstructs– inside Cyprus’ unique financial area. In 2019, the consortium found the Glaucus-1 well inside the exact same Block 10 where the Pegasus-1 well lies. Cypriot authorities state Glaucus-1 is approximated to consist of 3.7 trillion cubic feet of gas.
Generally, Pegasus-1 is the 6th gas down payment to be found inside Cyprus’ financial area in the last 14 years. Various other down payments consist of the Zeus, Cronos and Calypso wells, which exist inside Block 6 that is run by a consortium comprised of Italy’s Eni and Total amount of France. Cronos is approximated to hold 3.1 trillion cubic feet of gas and Zeus 2.5 trillion cubic feet. Calypso is still being assessed.
The Eni-Total consortium holds expedition licenses for 4 blocks.
The earliest area to be found, Aphrodite, is approximated to hold 5.6 trillion cubic feet of gas. The area is inside Block 12, which is run by a consortium comprised of Chevron, NewMed Power and Covering.
Arrangements with Egypt predict gas from the Cronos and Aphrodite areas to be sent out to Egypt through a pipe for either residential usage or to be refined at Egyptian centers for export to Europe and various other markets.
Cyprus’ Power Priest George Panastasiou likewise stated that ExxonMobil, Eni and Total might collaborate to collectively create their gas down payments located near to every various other.
