ExxonMobil has informed the President of the Republic of Cyprus that the estimated natural gas reserves in the “Pegasus” and “Glafkos” fields within the Cypriot Exclusive Economic Zone (EEZ) could range from 8 to 9 trillion cubic feet (Tcf).
Government spokesman K. Letymbiotis relayed the initial findings following a meeting between President Christodoulides and ExxonMobil Vice President John Ardill in New York. Letymbiotis described the preliminary assessment as “very positive news” and a “vote of confidence” from a global energy giant.
The Cypriot government expressed its satisfaction with the ongoing cooperation, but also stressed the need to accelerate the extraction and exploitation of the natural gas. The primary goal of this acceleration is to ensure that the energy wealth has a positive impact on the cost of energy for Cypriot consumers.
During the discussion, the company outlined its next steps, and “very specific actions” with set timetables are expected soon to implement the necessary stages for gas exploitation, according to Letymbiotis. The government remains committed to its energy plan and agreed timelines.
Cyprus’s natural gas reserves could generate substantial revenue through export
The volume of 8 to 9 trillion cubic feet (Tcf) of natural gas is an immense quantity for a country the size of Cyprus, which currently relies almost entirely on oil for its energy needs and has historically consumed negligible amounts of natural gas.
While the final use and export strategy will determine the exact timeline, 8 to 9 Tcf represents a resource that could potentially supply the country’s energy needs for many decades or generate substantial revenue through export, which is the likely primary goal.
Total world proven natural gas reserves are estimated to be over 7,000 Tcf. While Cyprus’s discovery is a small fraction of the global total, it is a substantial reserve for a new production area.
Related: Turkey Vows to Block Gas Exploration Off Coast of Cyprus
