New gas discovery off Cyprus coast may reduce EU energy dependence
New natural gas discoveries in the eastern Mediterranean could help Europe lessen its dependence on Russian hydrocarbons by diversifying its energy supply and help buttress a budding energy partnership between Cyprus, Greece and Israel, said John Sitilides, a senior fellow at the Foreign Policy Research Institute and geopolitical strategist at Trilogy Advisors in Washington.
"Washington and Brussels would be wise to support this hydrocarbon network to develop a greater measure of critical energy independence for Europe's hopeful re-industrialisation," Sitilides said.
Cypriot government spokesman Konstantinos Letymbiotis said in a written statement that ExxonMobil's vice president, John Ardill, briefed Cypriot President Nikos Christodoulides about the discovery at the Pegasus-1 well during a teleconference.
The well was discovered about 190 kilometres (118 miles) southwest of Cyprus at a depth of 1,921 meters (6,302 feet) of water. No estimates of the quantity of natural gas were given. The statement said more assessments will be conducted in the coming months to evaluate the results.
The ExxonMobil-Qatar Energy consortium holds exploration licences for two areas — or blocks — inside Cyprus' exclusive economic zone. In 2019, the consortium discovered the Glaucus-1 well inside the same Block 10 where the Pegasus-1 well is located. Cypriot authorities say Glaucus-1 is estimated to contain 3.7 trillion cubic feet of gas.
Overall, Pegasus-1 is the sixth natural gas deposit to be discovered inside Cyprus' economic zone in the last 14 years. Other deposits include the Zeus, Cronos and Calypso wells, which lie inside Block 6 that is operated by a consortium made up of Italy's Eni and Total of France. Cronos is estimated to hold 3.1 trillion cubic feet of gas, and Zeus 2.5 trillion cubic feet. Calypso is still being evaluated.
The Eni-Total consortium holds exploration licences for four blocks.
The earliest field to be discovered, Aphrodite, is estimated to hold 5.6 trillion cubic feet of gas. The field is inside Block 12, which is operated by a consortium made up of Chevron, NewMed Energy and Shell.
Agreements with Egypt foresee gas from the Cronos and Aphrodite fields to be sent to Egypt via a pipeline for either domestic use or to be processed at Egyptian facilities for export to Europe and other markets.
Cyprus' Energy Minister George Panastasiou also said that ExxonMobil, Eni and Total could partner up to jointly develop their gas deposits found in close proximity to each other.
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