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Exxon discovers massive natural gas field in Cyprus

Staff Writer |
ExxonMobil announced the discovery of a natural gas field containing an estimated 5 to 8 trillion cubic feet (TCF) inside Cyprus's exclusive economic zone.

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The announcement was made at a joint press conference in Nicosia by ExxonMobil vice-president Tristan Aspray and Cypriot Energy Minister Giorgos Lakkotrypis.

Aspray said that further technical work will be done in the next months to accurately estimate the capacity of the gas field.

The gas drilling was made by an ExxonMobil-Qatar Petroleum consortium on a target called Glafcos (Glaucus) in Cyprus's block 10.

Separately, a statement by Exxon-Mobil said that "based on preliminary interpretation of the well data, the discovery could represent an in-place natural gas resource of approximately 5 trillion to 8 trillion cubic feet (142 billion to 227 billion cubic meters)".

"These are encouraging results in a frontier exploration area, The potential for this newly discovered resource to serve as an energy source for regional and global markets will be evaluated further," said Steve Greenlee, president of ExxonMobil Exploration Company.

The well was drilled to 4,200 meters depth in 2,063 meters of water.

This is the second verified big find of natural gas in the Cypriot exclusive economic zone following Noble Energy's discovery of a 4.5 to 8 TCF of natural gas in 2011 in Block 12.

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