Block 10 is 635,554 acres (2,572 square kilometers). In 2017, Exxon Mobil and state-owned Qatar Petroleum won the rights to oil and gas exploration in offshore areas located in southern Cyprus. The eastern Mediterranean island is located in the Levant Basin, where Israel and Egypt have found some of the largest natural gas reserves of the last decade.
In 2017, Exxon Mobil and state-owned Qatar Petroleum won the rights to oil and gas exploration in offshore areas located in southern Cyprus. Exxon Mobil holds a 60% stake in this block, while Qatar Petroleum holds the rest.
At a press conference in Nicosia, Cypriot Minister of Energy George Lakkotropis said he was excited about the results. "This is an incredible development for all of Cyprus, the biggest discovery of our exclusive economic zone (EEZ)." In the coming months, the amount of natural gas will be better estimated, "he said.
Tristan Aspray, vice president of exploration for Europe, Russia and the Caspian at Exxon Mobil, told reporters Thursday that the next few months would be spent analyzing the data. "We have to see several factors such as quality," he said. He also said that Exxon Mobil would drill additional wells most likely next year.