NICOSIA, Cyprus (AP) — ExxonMobil may accomplice up with a consortium composed of Eni of Italy and Whole of France to collectively develop gasoline deposits they’ve found shut to one another off Cyprus’ southern coast, the Cypriot vitality minister stated Friday.
Minister George Papanastasiou stated ExxonMobil is in talks with the Eni-Whole consortium on working collectively to convey their discoveries to market.
He stated that potential collaboration may get a big enhance if an exploratory effectively that ExxonMobil plans to drill early subsequent 12 months strikes extra of the hydrocarbon.
Cyprus officers have repeatedly stated that offshore gasoline deposits may bolster Europe’s efforts to safe different vitality sources following Russia’s struggle in Ukraine.
Papanastasiou made the remarks after ExxonMobil’s Vice President for International Exploration John Ardill held talks with Cypriot President Nikos Christodoulides within the capital, Nicosia.
ExxonMobil’s new effectively, dubbed Pegasus, will probably be drilled close to the present Glaucus deposit which is estimated to include 5 to eight trillion cubic toes of gasoline inside an space for which the corporate and its accomplice Qatar Petroleum maintain exploration licenses.
The world, often known as Block 10, lies instantly south of Block 6 the place the Eni-Whole consortium have found the Cronos deposit estimated to carry 2.5 trillion cubic toes of gasoline.
Papanastasiou stated some kind of infrastructure may hyperlink the Glaucus deposit with close by Pegasus if it’s discovered to include sufficient gasoline reserves.
Individually, ExxonMobil will drill one other new exploratory effectively dubbed Electra in January subsequent 12 months in Block 5 which is located north of Block 10 and to the west of Block 6.
Ardill stated ExxonMobil will mull over completely different growth choices as soon as an evaluation of the newly drilled wells is accomplished by the center of subsequent 12 months.
Papanastasiou stated these choices may embrace turning the gasoline into liquid kind by way of a seaborne set up located atop the wells or transferring the gasoline to onshore facility on Cyprus for processing to fulfill home vitality wants or export overseas.
ExxonMobil and Qatar Petroleum maintain exploration licenses for 2 blocks, the Eni-Whole consortium for seven blocks and a Chevron-Shell partnership for one.
Christodoulides stated final week that Cypriot authorities are in early talks with a number of unidentified vitality corporations from Persian Gulf states concerning exploration licenses inside Cyprus’ offshore unique financial zone.
