Introduction
Natural gas could start flowing by 2033 from two underwater deposits discovered by ExxonMobil off Cyprus, a senior executive with the company said on Tuesday. This would help turn the eastern Mediterranean island nation into a new European energy hub.
Project Details
The largest U.S. oil company and its consortium partner, QatarEnergy, consider the most likely option for getting the gas to market would be conveying it through a pipeline to existing processing facilities in Egypt where it can be liquefied for export. This was stated by ExxonMobil's Vice President of Global Exploration, John Ardill.
Other options, including building onshore facilities in Cyprus or a floating one in waters over the deposits, are considered too costly at this point.
Confidence in the Project
Ardill expressed confidence in the project, highlighting the coordination between the governments of Cyprus and Egypt, as well as the agreements in place to leverage the eastern Mediterranean energy hub concept.
This was said after ExxonMobil and QatarEnergy signed a deal with Cyprus declaring the two deposits commercially viable.
Deposit Details
The deposits, dubbed Glaucus and Pegasus, are located in Block 10 of Cyprus' exclusive economic zone (EEZ) and are estimated to hold together roughly 7 trillion cubic feet of gas.
Ardill also mentioned that the consortium is looking to expand its presence off Cyprus, expressing interest in exploring an area, or block, on the southwestern corner of the EEZ that is adjacent to an area where it already holds drilling licenses.
Next Steps
The consortium will carry out additional drilling in the area to determine the viability of the project.
Conclusion
The start of Cypriot natural gas flow in 2033 could mark an important step for the region, making it a significant energy hub in Europe.
Source / Reference: Mongabay