Glaucus: The Largest Discovery
ExxonMobil's Game-Changing Find in Block 10
Discovered in February 2019, Glaucus is the largest single gas discovery in Cyprus waters. With estimated reserves of 5-8 Tcf (potentially more), it represents a transformational asset for Cyprus and a major opportunity for ExxonMobil.
Why Glaucus Matters
For Cyprus
- Largest single discovery - validates Cyprus as major gas province
- Could justify standalone LNG project
- Potential anchor for EastMed pipeline
- $10-20B+ in government revenues over field life
For ExxonMobil
- Major addition to global LNG portfolio
- Strategic position in Eastern Mediterranean
- Synergies with QatarEnergy partnership
- Positions XOM for future Cyprus rounds
Reserve Estimates
Glaucus reserve estimates carry significant uncertainty pending appraisal drilling. The range reflects subsurface uncertainty common for single-well discoveries.
Note: At 8 Tcf, Glaucus would be larger than Israel's Leviathan (22 Tcf) and comparable to major global LNG projects.
Development Options
Glaucus is large enough to potentially support multiple development concepts. The choice depends on appraisal results, market conditions, and coordination with other Cyprus projects.
Egypt Pipeline
Tie-back to Aphrodite pipeline, process at Idku/Damietta LNG.
Standalone FLNG
Dedicated floating LNG for Glaucus alone or with nearby prospects.
EastMed Pipeline
Anchor supplier for proposed pipeline to Greece/Europe.
Glaucus Timeline
Partnership Structure
The ExxonMobil-QatarEnergy partnership brings deep LNG expertise. Qatar is the world's largest LNG exporter, while ExxonMobil has extensive global LNG development experience.
What's Next for Glaucus
- 2024 Appraisal well drilling to confirm reserves and test reservoir quality
- 2025 Concept selection based on appraisal results and market conditions
- 2027+ FID if development economics are favorable
- 2030+ First gas (earliest realistic timeline)