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    ExxonMobil to pursue exports of Cyprus gas: press

Summary

US major moves forward to appraise recent Glaucus gas discovery

by: Maureen McCall

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ExxonMobil to pursue exports of Cyprus gas: press

Natural gas will remain an important energy source through 2050 and discovered reserves from offshore Cyprus could reach markets through a pipeline or by liquefying it for transport by ship, the head of ExxonMobil’s Cyprus arm said on February 1, as reported by the Associated Press (AP).

After the US major posted its best Q4 results in seven years, benefitting from high commodity prices, it reconfirmed plans to develop and export Cyprus gas.

Last month, ExxonMobil and partner Qatar Energy started drilling the Glaucus-2 appraisal well located in Block 10 offshore Cyprus. The Glaucus gas discovery was made in February 2019, with estimated in-place resources of 5-8 trillion ft3 of gas.

“All energy sources remain important” for the next three decades “across a range” of scenarios set out under the Paris Agreement on climate change as the globe shifts to cleaner fuels toward achieving a zero-emissions goal,  ExxonMobil's Cyprus lead country manager Varnavas Theodossiou told AP in an email.