((Automated translation by Reuters, please see disclaimer https://bit.ly/rtrsauto))
ExxonMobil XOM.N will drill a well off Cyprus in January as part of its search for natural gas, a senior executive said Thursday, one of the major energy companies focusing on the region as Europe diversifies compared to Russia.
The eastern Mediterranean has yielded some major gas discoveries in recent years, while the disruption of energy supplies from Russia after its invasion of Ukraine in 2022 has sharpened Europe’s attention on securing supplies elsewhere.
Exxon, which obtained Cypriot licenses in 2017, said it found natural gas in 2019 in a well called Glaucus. Drilling next year includes two new wells, Pegasus and the highly prospective Electra, said a senior executive responsible for global exploration at the conglomerate.
“We have spent the last two years collecting very detailed three-dimensional seismic data….We have identified several large deposits and the next step will be to bring in a drilling rig to test them,” said John Ardill, vice-president. president of global exploration at ExxonMobil.
“We are going to drill our first well in mid-January, so we are very excited,” he told a conference in Nicosia.
ExxonMobil holds a hydrocarbon exploration license on two offshore blocks as part of a partnership with Qatar Energy. Other multinationals present in the region include the American Chevron CVX.N , the Italian Eni ENI.MI and the French TotalEnergies TTEF.PA .
Cyprus could consider a new round of licensing for offshore exploration as interest in the region is strong, Energy Minister George Papanastasiou said earlier this month.
Electra, located in Block 5 of Cyprus’ 13 offshore exploration areas, is a very large field and has the potential to be a standalone development, although it will require appraisal drilling for any final conclusion, said Mr. Ardill. Pegasus is close to Glaucus, already discovered in Block 10, and Cronos, an Eni/Total discovery located just to the north in Block 6.
“The potential for gas exploration is huge,” Mr Ardill said.
