Latest news with #energyExport
Washington Post
07-07-2025
- Business
- Washington Post
ExxonMobil and partner Qatar Energy find new natural gas deposit off Cyprus
NICOSIA, Cyprus — A consortium made up of ExxonMobil and partner Qatar Energy International has made a second natural gas discovery beneath the seabed south of Cyprus , the government said Monday, a find that bolsters the region's potential as an energy exporter. 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.
Yahoo
07-07-2025
- Business
- Yahoo
ExxonMobil and partner Qatar Energy find new natural gas deposit off Cyprus
NICOSIA, Cyprus (AP) — A consortium made up of ExxonMobil and partner Qatar Energy International has made a second natural gas discovery beneath the seabed south of Cyprus, the government said Monday, a find that bolsters the region's potential as an energy exporter. 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-industrialization,' Sitilides said. Cypriot government spokesman Konstantinos Letymbiotis said in a written statement that the 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 kilometers (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 licenses 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 licenses 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. The Associated Press Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
The Independent
07-07-2025
- Business
- The Independent
ExxonMobil and partner Qatar Energy find new natural gas deposit off Cyprus
A consortium made up of ExxonMobil and partner Qatar Energy International has made a second natural gas discovery beneath the seabed south of Cyprus, the government said Monday, a find that bolsters the region's potential as an energy exporter. 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-industrialization,' Sitilides said. Cypriot government spokesman Konstantinos Letymbiotis said in a written statement that the 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 kilometers (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 licenses 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 licenses 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.
Associated Press
07-07-2025
- Business
- Associated Press
ExxonMobil and partner Qatar Energy find new natural gas deposit off Cyprus
NICOSIA, Cyprus (AP) — A consortium made up of ExxonMobil and partner Qatar Energy International has made a second natural gas discovery beneath the seabed south of Cyprus , the government said Monday, a find that bolsters the region's potential as an energy exporter. 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-industrialization,' Sitilides said. Cypriot government spokesman Konstantinos Letymbiotis said in a written statement that the 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 kilometers (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 licenses 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 licenses 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.
Zawya
07-07-2025
- Business
- Zawya
Ethiopia looks to natural gas to fuel its growth
Ethiopia says it will start exporting natural gas, part of a turnaround plan for an economy weighed down by shortage of foreign currency. Prime Minister Abiy Ahmed told parliament on Thursday that his administration would begin its first-ever gas export 'in the near future,' which would mark a milestone in the nation's economic transformation. Dr Abiy said the country had previously attempted to explore and export natural gas during the tumultuous DERG regime and before, but none of those efforts came to fruition. Now, Ethiopia has partnered with new companies for gas exploration, he added.'Following the completion of the first phase, the second phase of the gas project will also be launched in due course,' he said. Dr Abiy's announcement comes after the country indicated in its Energy Outlook report of May that the government had cancelled the planned natural gas extraction in the Ogaden region, and a pipeline project to Djibouti for export as LNG, due to 'challenges in securing project financing and slow project implementation contributed to this decision.''This cancellation limits Ethiopia's ability to generate revenue from natural gas exports and diversify its energy sources. Use of domestic natural gas would increase CO2 emission, but could be a relevant option to balance generation in dry years and reduce the need for fertiliser imports,' the Water and Energy ministry said. According to the new report, Ethiopia is currently extracting coal for industrial use.'The future role of natural gas in Ethiopia's energy mix will depend on the feasibility of new extraction and distribution projects, alongside economic and geopolitical considerations,' the report says.'Natural gas could potentially be used to compensate for the missing generation from hydro in dry years,' the new report says. Ethiopia has significant oil and natural gas potential in the Ogaden Basin, especially Calub and Hilala fields. The Ministry of Mines wants to work with Ethiopian Electric Power to integrate natural gas into electricity generation. The country is dependent on imported petroleum products, with current costs in excess of $4 billion annually. The policy will focus on natural gas exploration and prioritise development of the sector to open the area for companies and to encourage investments. It relies on renewable energy sources for electricity, with hydropower contributing over 90 percent of the country's supply. Major projects such as the Grand Ethiopian Renaissance Dam (GERD), with a capacity of 5,150 MW, and the Koysha Hydroelectric Power Plant, with a capacity of 1,800 MW, are crucial for meeting the growing demand for electricity. The GERD is currently producing 2,350MW and is planned to reach full capacity within a year. In addition to hydropower, wind farms such as Adama and Aysha contribute to the national grid. The country also has significant untapped solar and geothermal potential. © Copyright 2022 Nation Media Group. All Rights Reserved. Provided by SyndiGate Media Inc. (
