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CYPRIOTS LAUNCH DRILLING AT 8 SITES IN EASTERN MEDITERRANEAN OVER 2 YEARS

The Mediterranean basin is proved to be a world-class energy source with huge hydrocarbon potential. The recent energy discoveries in Cyprus, Such as: the Calypso discovery in block 6, the Aphrodite discovery in block 12 and the new recent discovery by ExxonMobil in block 10 raise Cyprus as one of the world-class energy countries to invest. Not to mention the gas discoveries found in Israel.
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ExxonMobil recent natural gas discovery in Cyprus in the Eastern Mediterranean at the Glaucus-1 well

Based on preliminary interpretation of the well data, the discovery could represent an in-place natural gas resource of approximately 5 trillion to 8 trillion cubic feet (142 billion to 227 billion cubic meters). Further analysis in the coming months will be required to better determine the resource potential.“These are encouraging results in a frontier exploration area,” said Steve Greenlee, president of ExxonMobil Exploration Company. “The potential for this newly discovered resource to serve as an energy source for regional and global markets will be evaluated further.”
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Eastern Mediterranean Gas Pipeline

Cyprus, Greece, Italy, and Israel are growing over ownership of offshore fields in the eastern Mediterranean. In December 2018, the four countries signed a $7 billion agreement to provide Europe with natural gas. The deal, known as “East Med”, would help Europe diversify its energy portfolio, while simultaneously reduce its reliance on Russia. The pipeline linking these eastern Mediterranean gas resources will cross from Israel and Cyprus into Greece and Italy, and would be about 2,200 kilometer long.
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THE NEW MEDITERRANEAN ENERGY ALLIANCE

Energy ministries coming from Egypt, Cyprus, Greece, Israel, Italy, Jordan, and Palestine have shape new alliances given the major gas discoveries in the East Mediterranean it also strives to provide a platform for improved cooperation between the gas exporters (Cyprus, Egypt, and Israel), countries of transit (Greece and Italy), and gas importers.
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