ExxonMobil Reports Massive Gas Reserves in Cyprus EEZ

The reserves could perchance proviso the country’s vigor needs for galore decades. Credit: greglaskiewicz / Wikimedia Commons CC BY 3.0

ExxonMobil has informed the President of the Republic of Cyprus that the estimated earthy state reserves successful the “Pegasus” and “Glafkos” fields wrong the Cypriot Exclusive Economic Zone (EEZ) could scope from 8 to 9 trillion cubic feet (Tcf).

Government spokesperson K. Letymbiotis relayed the archetypal findings pursuing a gathering betwixt President Christodoulides and ExxonMobil Vice President John Ardill successful New York. Letymbiotis described the preliminary appraisal arsenic “very affirmative news” and a “vote of confidence” from a planetary vigor giant.

The Cypriot authorities expressed its restitution with the ongoing cooperation, but besides stressed the request to accelerate the extraction and exploitation of the earthy gas. The superior extremity of this acceleration is to guarantee that the vigor wealthiness has a affirmative interaction connected the outgo of vigor for Cypriot consumers.

During the discussion, the institution outlined its adjacent steps, and “very circumstantial actions” with acceptable timetables are expected soon to instrumentality the indispensable stages for state exploitation, according to Letymbiotis. The authorities remains committed to its vigor program and agreed timelines.

Cyprus’s earthy state reserves could make important gross done export

The measurement of 8 to 9 trillion cubic feet (Tcf) of natural gas is an immense quantity for a state the size of Cyprus, which presently relies astir wholly connected lipid for its vigor needs and has historically consumed negligible amounts of earthy gas.

While the last usage and export strategy volition find the nonstop timeline, 8 to 9 Tcf represents a assets that could perchance proviso the country’s vigor needs for galore decades oregon make important gross done export, which is the apt superior goal.

Total satellite proven earthy state reserves are estimated to beryllium implicit 7,000 Tcf. While Cyprus’s find is simply a tiny fraction of the planetary total, it is simply a important reserve for a caller accumulation area.

Related: Turkey Vows to Block Gas Exploration Off Coast of Cyprus