Cypriot natural gas could start flowing from ExxonMobil’s discoveries by 2033
Summary
ExxonMobil and QatarEnergy found two natural gas deposits near Cyprus that could start supplying gas by 2033. The gas would likely be sent by pipeline to Egypt for processing and export, helping Cyprus become a new energy source for Europe.Key Facts
- ExxonMobil and QatarEnergy discovered the Glaucus and Pegasus gas deposits in Cyprus’s exclusive economic zone.
- The deposits hold about 7 trillion cubic feet of natural gas.
- The gas will probably be sent through a pipeline to Egypt’s processing plants to be turned into liquefied natural gas for export.
- Building facilities in Cyprus itself or floating plants near the deposits is considered too expensive.
- Cyprus aims to become a key energy hub for Europe using its natural gas resources.
- Additional drilling at the Pegasus site is planned by the end of the year for more data.
- Other companies like Italy’s Eni, French TOTAL, Chevron, Dutch Shell, and Israeli NewMed also hold licenses for gas exploration near Cyprus.
- Eni may start developing another nearby gas field, Cronos, which could supply Europe by 2027 or 2028.
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