Smiles for Block 10

Sources continue to speak of optimism for ExxonMobil's second exploratory drilling at the Glaukos location in Block 10.

The information, which comes from industry sources, is that a sufficient amount of natural gas reserves have been discovered that would make the development of the reservoir commercially sustainable.

The reservoir that seems to have been found is not that big, but it is marketable. Something that according to the same sources would mean that it is above 2.5 tcf, a quantity considered to be the minimum for a target to be classified as marketable.

An official announcement is expected within the next 10 days. However people who are familiar with the tactics of the US energy giant said that ExxonMobil will announce specific quantities only after thoroughly studying all drilling data. If and when the estimates are confirmed, this means that the quantity will be announced at a later time.

Another element that strengthens the bigger picture of ExxonMobil's interest in the Eastern Mediterranean region comes from Egypt. As officially announced in Cairo, ExxonMobil is one of the companies to which rights were granted for natural gas surveys in the Egyptian EEZ. The announcements were made by Oil Minister Tarek El Molla and concern 12 blocks in the Mediterranean. As far as ExxonMobil is concerned, the concession to the Egyptian EEZ is the second, after block 10 of the Cypriot EEZ. As pointed out by the Egyptian Oil Minister, the interest and presence of the American company shows the stable investment environment and the energy potential of the Eastern Mediterranean.