New Cyprus gas find seen as game changer
The announcement on Thursday that US energy giant ExxonMobil has made a “world-class” discovery in Block 10 of Cyprus’s exclusive economic zone (EEZ), containing 5-8 trillion cubic feet of gas, was widely seen as signifying that the energy game in the Eastern Mediterranean has only just begun and the main players’ next moves will determine their future geopolitical position in the wider region.
According to Cyprus Energy Minister Yiorgos Lakkotrypis, the discovery is the biggest find so far in Cyprus and based on some official data it is one of the biggest finds worldwide in the past two years.”
He added that the find offers confirmation that there is the potential for further hydrocarbon discoveries off the island’s coast. The announcement was made two months after ExxonMobil began operations with its partner Qatar Petroleum in the Glaucos-1 and Delphyne-1 wells in Block 10.