ExxonMobil hits gas with latest Cyprus well

ExxonMobil has made another deepwater gas discovery offshore Cyprus, boosting the likelihood that the country has a third project on its hands.

Gas from Aphrodite will be exported to Egypt, with a similar development approach earmarked for Cronos.

George Papanastasiou, Cyprus Energy Minister, said on 6 July that ExxonMobil's had found gas with its Pegasus-1 well in Block 10, acreage that also hosts the US giant's Glaucus gas find, with results to be announced on Monday

Local reports cited the minister as saying: “Another good field has been found... and there are already consultations for synergies between companies, so that all this (gas) can be collected and sent to Egypt for liquefaction and export.”

Papanastasiou was speaking at the Nisyros Dialogues even, when he made this statement.

Underscoring the significance of this find is that Nikos Christodoulides, the President of Cyprus, will hold a videoconference call this afternoon with ExxonMobil executives.

According to marine intelligence provider VesselsValue, the drillship Valaris DS-9 remains on location at the Pegasus site, which is located about 13 kilometres south of the site of the Glaucus-1 discovery well.

The proximity of these two finds would suggest that a joint development is a possibility, underpinned by Glaucus' 3.2 Tcf resources base.

According to Middle East energy news title MEES, Pegasus was seen as low-risk prospect with a 1 Tcf pre-drill resource estimate.

ExxonMobil has been approached for comment.