New Offshore ...
New Offshore Gas Reservoir Discovered in Cyprus’s Block 10
A consortium led by ExxonMobil and QatarEnergy has reported a new gas reservoir discovery at the Pegasus‑1 well, located in Cyprus’s Block 10 within its Exclusive Economic Zone. The reservoir spans approximately 350 meters in thickness and lies about 1.9 kilometers deep beneath the seabed.
This find marks the second gas discovery in Block 10, following the earlier Glaucus‑1 discovery in 2019 and Glaucus‑2 in 2022. Initial estimates indicate that this is a high‑quality reservoir, reinforcing Cyprus’s growing potential as a gas producer.
Officials say the discovery strengthens Cyprus’s position in the Eastern Mediterranean and could play a pivotal role in future energy projects. Detailed evaluation and appraisal efforts are planned in the coming months to define commercial viability and assess extraction timelines. While promising, this latest find does not yet mean production is underway—it will require regulatory approvals, further testing, and investment decisions before moving forward.
Market Cyprus - News Service
Our digital marketing platform publishes daily captivating news about Cyprus, covering diverse topics from cultural events and historical insights to modern developments and travel tips. Stay informed and engaged with our up-to-date, interesting content showcasing the beauty and vibrancy of Cyprus.