(Investing) – A consortium led by ExxonMobil (NYSE:XOM) has discovered a natural gas reservoir off the coast of Cyprus, according to a government announcement on Monday.
The drilling operation found preliminary indications of a 350-meter gas-bearing reservoir at a depth of 1.9 kilometers in the Pegasus-1 well, Cypriot government spokesperson Konstantinos Letymbiotis said.
“Further assessment will be required in the coming months to evaluate the results,” Letymbiotis stated after Cypriot President Nikos Christodoulides received a briefing on the findings.
This marks the second gas discovery in Block 10 by partners ExxonMobil and QatarEnergy. Their first discovery was announced at the Glaucus-1 well in February 2019. The Glaucus-2 appraisal well, completed in March 2022, confirmed the presence of a high-quality gas-bearing reservoir.
Despite finding natural gas at several locations around its southern coast, Cyprus has not yet extracted or commercialized any of these resources.
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