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ExxonMobil and QP land a giant with Glaucus

ExxonMobil and partner Qatar Petroleum today announced they made a major gas find with the Glaucus-1 well, drilled offshore Cyprus. “Glaucus is a giant,” Robert Morris, senior research analyst, Europe upstream, at global natural resources consultancy Wood Mackenzie, said.

He added: “It will be one of the biggest discoveries of the year.

“Based on ExxonMobil’s announcement and field analogues, we think the field could hold 4.55 trillion cubic feet of recoverable resource, or around 800 million barrels of oil equivalent.

“The discovery maintains the East Mediterranean’s position as one of the world’s premier exploration hotspots.”

He added: “The discovery is more evidence of the huge success the Majors have enjoyed in exploration in the years since the industry downturn.

“ExxonMobil has been at the forefront of that success, with its string of world-leading discoveries in Guyana – and now Cyprus.

“For Qatar Petroleum, Glaucus is a continuation of its 2019 success, following on from its 25% stake in the Total-operated Brulpadda discovery in South Africa. It is also vindication of its recent strategy of partnering with Majors in high-profile exploration basins.”

Morris said: “But commercialisation is not straight forward. There is limited space in local markets and existing export infrastructure. And the volume is insufficient for ExxonMobil and its partner Qatar Petroleum to feed a two-train LNG plant – which had been the partnership’s goal.

“Does ExxonMobil analyse its results and return to look for more gas? Or could this be an opening for possible collaboration? Eni and Total made similar giant discovery in the neighbouring block last year. A joint development would potentially serve up enough gas to support a greenfield LNG development. A partnership would echo collaboration at ExxonMobil and Eni’s LNG developments in Mozambique.”
Source: Wood Mackenzie

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