NICOSIA, Cyprus — Cyprus announced a significant natural gas discovery, estimating that two adjacent fields in its exclusive economic zone contain between 8 and 9 trillion cubic feet of reserves, according to government spokesman Konstantinos Letymbiotis.
The Pegasus and Glaucus fields, located in offshore Block 10 and operated by ExxonMobil, were drilled earlier this year. The reserve estimates were presented to President Nikos Christodoulides by ExxonMobil Vice President John Ardill following a detailed data assessment.
Energy experts described the find as a major boost to Cyprus’s offshore gas portfolio. Officials said the country’s six confirmed gas fields now hold an estimated 15 to 18 trillion cubic feet of reserves.
Plans to export Cypriot gas via Egypt’s liquefaction facilities are already in advanced stages, according to the government.