ExxonMobil Corp and Qatar Petroleum have discovered natural gas offshore Cyprus, both companies announced Thursday.
The find, described as “significant,” is on the Glaucus-1 prospect located in Block 10 in the Eastern Mediterranean. The well encountered about 133 meters of gas-bearing reservoir and was drilled to a depth of 4,200 meters in a water depth of 2,063 meters.
The discovery is believed to represent natural gas resources of 5 trillion to 8 trillion cubic feet of natural gas.
“These are encouraging results in a frontier exploration area,” Steve Greenlee, ExxonMobil Exploration Company president, said in a company statement.
Qatar Petroleum CEO Saad Sherida Al-Kaabi added that he was pleased with the Cyprus discovery, which is the second for the company’s international exploration portfolio.
Block 10 is 635,554 acres and is operated by ExxonMobil, which has a 60 percent working interest. Qatar Petroleum holds a 40 percent working interest.
Further analysis will be performed in coming months to determine resource potential in Glaucus-1.