ExxonMobil gas discovery boosts Cyprus’ energy hopes
The find may revive interest in establishing an LNG plant on the island
Since last October, Cypriots had been holding their breath, waiting for news of ExxonMobil's drilling in offshore Block 10. The result looks promising—it could well be the island's biggest discovery thus far, with the US major saying there is 6-8tn ft3 of natural gas in place in the Glaucus-1 well. The gas-bearing reservoir lies in 436ft (133m) of water. The Glaucus-1 find follows Eni's announcement last year of the discovery of around 6tn ft3 at its Calypso-1 well in Block 6. The first gas find in Cyprus' offshore, Aphrodite in Block 12 made in 2011, has an estimated 4.5tn ft3 in place. Noble Energy is the operator, in partnership with Shell and Delek Drilling. ExxonMobil says that evaluat
Also in this section
29 April 2026
The UAE’s exit from the alliance marks a decisive step towards a world in which oil markets are shaped less by collective management and more by national strategy
29 April 2026
Trafigura’s $1b prepayment agreement confirms African resource holders’ renewed interest in oil-backed financing deals as they look to capitalise on high oil prices
29 April 2026
The UAE’s departure from the oil producers’ group was a surprise to many, but the move can be traced back to a single point five years ago
28 April 2026
Oil traders warning of $200/bl oil are wrong, and the market should be wary of proclamations that the impact of the oil shortage has only begun to be felt and a that a ‘harsh adjustment’ is coming—even for industrialised nations
