ExxonMobil could partner up with Eni and Total to jointly develop natural gas deposits off Cyprus
Cyprus’ energy minister says ExxonMobil could partner up with a consortium composed of Eni of Italy and Total of France to jointly develop gas deposits they’ve discovered close to each other off the island nation’s southern coast
NICOSIA, Cyprus — ExxonMobil could partner up with a consortium composed of Eni of Italy and Total of France to jointly develop gas deposits they’ve discovered close to each other off Cyprus' southern coast, the Cypriot energy minister said Friday.
Minister George Papanastasiou said ExxonMobil is in talks with the Eni-Total consortium on working together to bring their discoveries to market.
He said that potential collaboration could get a significant boost if an exploratory well that ExxonMobil plans to drill early next year strikes more of the hydrocarbon.
Cyprus officials have repeatedly said that offshore gas deposits could bolster Europe’s efforts to secure alternative energy sources following Russia’s war in Ukraine.
Papanastasiou made the remarks after ExxonMobil’s Vice President for Global Exploration John Ardill held talks with Cypriot President Nikos Christodoulides in the capital, Nicosia.
ExxonMobil’s new well, dubbed Pegasus, will be drilled near the existing Glaucus deposit which is estimated to contain 5 to 8 trillion cubic feet of gas inside an area for which the company and its partner Qatar Petroleum hold exploration licenses.
The area, known as Block 10, lies directly south of Block 6 where the Eni-Total consortium have discovered the Cronos deposit estimated to hold 2.5 trillion cubic feet of gas.
Papanastasiou said some type of infrastructure could link the Glaucus deposit with nearby Pegasus if it’s found to contain adequate gas reserves.
Separately, ExxonMobil will drill
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