NEW GAS FIELD DISCOVERED SOUTHWEST OF CYPRUS COAST

A new natural gas field has been discovered in the Mediterranean Sea southwest of the island of Cyprus, Cypriot government spokesman and minister Constantinos Letympiotis said in a statement on Monday.

The report says that during a video conference, the vice president of global exploration of the American company ExxonMobil, John Ardill, informed the President of Cyprus, Nikos Christodoulides, "of a new discovery [of reserves] of natural gas made in the Pegasus-1 well in the 10th block of the Exclusive Economic Zone (EEZ) of the Republic of Cyprus".

As Letimpiotis explained, “the discovery follows the successful completion of drilling operations by a consortium consisting of ExxonMobil Exploration and Production Cyprus (Offshore) Limited, acting as operator, and QatarEnergy International E&P LLC.”

A Cypriot government spokesperson said that “the Pegasus-1 well, located approximately 190 km southwest of the coast of Cyprus, encountered a gas formation of approximately 350 m.” The well was safely drilled by the Valaris DS-9 vessel at a depth of 1,921 m.

Letimpiotis also said that further assessments will be needed in the coming months to determine the extent of the gas field’s reserves.