Cyprus has seen five sizable gas discoveries, the first back in 2011. But none has moved to development despite the presence of key majors in its offshore. Candidates in next month’s elections know that victory could result in them being the President that finally succeeds in transforming Cyprus into a gas exporter.
Presidential elections slated for 5 February are set to crown a winner who could write their name in Cyprus’ history books as the President who oversaw the birth of a gas export industry. For more than a decade the Mediterranean island’s gas dreams have all but hinged on the fate of its first discovery, December 2011’s 4.5tcf Aphrodite. But with a string of finds since 2018’s Calypso on Block 6, there is renewed hope that 2023 will see decisive moves to finally get gas out of the ground.
Following Calypso’s discovery by Italian firm Eni in February 2018 came US major ExxonMobil’s Glaucus find on Block 10 twelve months later. Then Eni, which operates Block 6 with 50% alongside French major TotalEnergies (50%), came up trumps again last year, making back-to-back discoveries with 2.5tcf Cronos and 2-3tcf Zeus (MEES, 23 December 2022).
While Eni CEO Claudio Descalzi provided an initial reserve estimate of 6-8tcf for Calypso and ExxonMobil gave an estimate of 5-8tcf for Glaucus, MEES understands that those figures were somewhat premature. Although Eni has yet to drill an appraisal well at Calypso, Exxon’s appraisal well at Glaucus last year, following which the US major made no official announcement, appeared to indicate smaller reserves than initially estimated, MEES learns.
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