ExxonMobil Cyprus arm said Tuesday, February 1, 2022, the country could transport the vas natural gas reserves found off the east Mediterranean island nation to the markets through pipelines or as liquefied natural gas (LNG) as natural gas remains an important source of energy through 2050.

“All energy sources remain important,” said the ExxonMobil Cyprus lead country manager, Varnavas Theodossiou, adding that the energy sources are important for the next three decades across a range of scenarios outlined in the Paris Agreement concerning climate change as nations shift towards cleaner energy to achieve Net-Zero emission.

Theodossiou also told the Associated Press  Cyprus has witnessed “very little” exploration activities and is regarded as a “frontier exploration area” with uncertainty about the amount of gas available beneath the seabed. Even the latest discoveries in the region, including Egypt’s Zohr field, shows “geology can vary rapidly over short distances, and it’s only with a carefully planned and executed seismic and drilling program that we will really know what’s there,” added Theodossiou.

ExxonMobil and partner Qatar Energy have been granted a license by the Cyprus government to explore two out of the 13 underwater blocks located off the country’s southern coastline within its exclusive economic zone.

ExxonMobil discovered a massive deposit of about 5-9 trillion cubic feet of natural gas, with an appraisal well drilling currently underway to establish an accurate quality and quantity of the prospected hydrocarbon. Although“Glaucus-1” well appraisals and tests are scheduled to be completed in March, it would take some months before the collected data is analyzed to understand the project and guide the next steps.

Theodossiou also added a plan to start obtaining seismic data in the second phase of the partnership involving two blocks scheduled for late this year. The government has also granted a license to a consortium led by French company Total and Italy’s Eni for drilling in seven blocks. In 2018, the consortium announced a promising discovery but did not disclose any further exploration details until the full analysis shall have been completed.

Noble Energy discovered the first gas deposits estimated to be about 4.5 trillion cubic feet off Cyprus in 2011 and later brought out by Chevron.