Cyprus' Energy Minister Hails Optimistic Message on Gas-Bearing Reservoir Discovery

Strategic Insights -

Cyprus' Energy Minister George Papanastasiou described the announcement of a gas-bearing reservoir in the 'Pegasus 1' well as a "successful announcement" that sends an optimistic message for the country's natural gas exploitation programme. The discovery, located 190 kilometers southwest of Paphos, involves a 390-metre natural gas column, which is a significant finding that indicates the marketability of the deposit. The minister noted that the operator of the block will evaluate the data collected from the drilling in the coming weeks to estimate the quantity of natural gas in the reservoir.

Key Takeaways:

  • The 'Pegasus 1' well has discovered a 390-metre natural gas column, located 190 kilometers southwest of Paphos.
  • The discovery sends an optimistic message for Cyprus' natural gas exploitation programme, according to Energy Minister George Papanastasiou.
  • The reservoir is located next to existing wells, including 'Glafcus-1', 'Glafcus-2', Cronos, Zeus, and Calypso, indicating a significant accumulation of exploitable, marketable, and economically viable gas.
  • The operator of the block will evaluate the data from the drilling in the coming weeks to estimate the quantity of natural gas in the reservoir.
  • The government has already signed host country agreements with Egypt, which has offered to provide liquefaction services for Cyprus' natural gas.
  • Decisions regarding the project belong to the investors in consultation with the Republic of Cyprus, and an agreement is expected with the specific company operating in Block 10.

Statistics:

  • The 'Pegasus 1' well is located 190 kilometers southwest of Paphos.
  • The natural gas column discovered is 390 metres in length.
  • The reservoir is located near existing wells, including 'Glafcus-1', 'Glafcus-2', Cronos, Zeus, and Calypso.
  • The government has already signed host country agreements with Egypt.

Sources:

  • Energy Minister George Papanastasiou's statement at the Presidential Palace after a meeting of the Council of Ministers
  • Announcement of the discovery of a gas-bearing reservoir in the 'Pegasus 1' well
  • Presidential Palace meeting with ExxonMobil Vice President