Exploration Drill by ExxonMobil Offshore Cyprus Fails to Find Commercial Quantities of Natural Gas
An exploration drill conducted by ExxonMobil offshore Cyprus has yielded disappointing results, with the island’s energy ministry confirming that commercial quantities of natural gas were not found. The drilling operations at the Elektra-1 well in Block 5 of Cyprus’s exclusive economic zone (EEZ) have been completed, revealing only non-commercial quantities of natural gas, as stated by the Ministry of Energy, Commerce, and Industry.
Prior to the drilling, ExxonMobil executives had expressed optimism about the prospects based on seismic data assessments. However, the outcome of the exploration did not meet expectations. The consortium behind the drill consisted of ExxonMobil Exploration and Production Cyprus as the operator, in collaboration with QatarEnergy International E&P LLC.
Despite the lack of commercial quantities, the operator’s initial assessment following the drilling indicated the confirmation of a hydrocarbon system and the presence of good quality reservoirs at the Elektra-1 well. The data collected during the operations is currently under evaluation to determine the consortium’s next steps in Block 5.
Following the completion of drilling at Elektra-1, the consortium’s drillship will be moving to another block within Cyprus’s EEZ to conduct exploration drilling at the Pegasus-1 well. This shift in focus highlights the ongoing efforts to explore and assess the potential for natural gas reserves in the region.
While the results may not have met initial expectations, the exploration efforts offshore Cyprus continue as part of the broader strategy to unlock the energy potential of the region. The data gathered from these drilling operations will inform future decisions and investments in the sector, contributing to the overall understanding of Cyprus’s energy landscape.
Stay tuned for further updates on the exploration activities in Cyprus’s EEZ as the consortium progresses with its exploration efforts and evaluates new opportunities for energy exploration and production in the region.
(Source: Reuters)