Exxon reportedly discovers oil in Cyprus Block 10

A sufficiently large and commercially viable oil reservoir has been reportedly discovered in Cyprus's Block 10 Glaucus target, according to Kathimerini sources. 

Official results from Exxonmobil are not expected until the end of next week. The information comes from sources with knowledge of the matter.

The news of the discovery comes following uncertain indications regarding natural gas deposits in an earlier exploratory drilling at Delphini target, also in Block 10.

According to 'technocratic sources', Kathimerini has learned that the geological formations of the Glaucus target are limestone sedimentary rocks. To confirm that oil has been found, it would mean, according to the same sources, that the Exxonmobil drill has reached about 6 km deep.

The natural gas reservoir is thought to be between 4 and 5 km deep according to estimates. This immediately raises a question of whether before the drill reached even greater depths to find oil; if there is also a commercially viable natural gas reservoir, a question that has not been answered yet.

Speaking to Kathimerini during the initial stages of the exploratory drilling in the Glaucus prospect ExxonMobil sources emphasized that this is a completely different geological target in comparison to Delphini. Although they did not provide answers as to the results, they were able to provide an outlook that exploration is conducted differently from target to target.

In order to proceed with construction of Liquefied Natural Gas facilities, deposits should exceed 15 TCF. We await announcements from Exxonmobil, which are considered crucial, not only for the company itself but also for the impact they may have, positive or negative, on the energy plans of Cyprus.