Gas discovery with Reserves of 8 Trillion Cubic Feet in Cyprus shores
Local media reported on Sunday that Cyprus is preparing to discover huge quantities of natural gas reserves in the Mediterranean Sea, which are expected to rival the Egyptian discoveries.
According to the energy platform, drilling work is scheduled to begin in a natural gas field within Cypriot territorial waters, specifically in the Elektra well in Block 5 in the eastern Mediterranean, in mid-January 2025.
Initial estimates put the gas reserves in this well at between 5 and 8 trillion cubic feet, equivalent to between 142 and 227 billion cubic meters.
The discovery is expected to significantly alter the balance of the gas market in the Eastern Mediterranean region, which currently includes the Egyptian Zohr and Israeli Leviathan fields.
A gas liquefaction plant may be planned in the Vasilikos area of Cyprus to benefit from these discoveries.
This discovery coincides with great aspirations in the Cypriot gas sector, as a senior official at ExxonMobil stated that drilling work will begin on the Electra well in mid-January, after completing drilling the Nefertari-1 well in Egypt.
ExxonMobil first announced in February 2019 that it had discovered gas in its Electra well southwest of Cyprus, with positive results expected.
Last month, the US company revealed new plans to drill an additional gas exploration well off the coast of Cyprus, starting in January 2025.
In this context, the Energy Platform indicated that the Cypriot government is communicating with Cairo to link Cypriot gas reserves to Egyptian infrastructure, including gas liquefaction stations and pipelines extending under the Mediterranean Sea, with the aim of exporting gas to Europe.
