document: After reporting a gas discovery on 1 February 2019 local media announced on 7 February that ExxonMobil E&P Cyprus (Offshore) Ltd found oil in commercially viable quantities in the Glafkos-1 wildcat in the offshore Block 10. We recall that tensions are high between the Cyprus republic and Turkey on the matter of hydrocarbon exploration and that informal public announcements are often used to play with the adverse partyâs nerves. A formal announcement from ExxonMobil is expected around mid-February. The company spudded the well on 9 January using the Stena IceMAX drillship after it completed work on the Delphynus-1 wildcat some 15 km to the south. It was understood that the Glafkos prospect would be an analogue to the Zohr field in Egypt but some reports suggest a deeper target. ExxonMobil contracted the Stena IceMAX drillship for its capacity to drill to depths over 10,000 m and its specialisation in strong pressure variation conditions.  Approval of Environment Impact Assessment (EIA) was expected by the end of July 2018. In March 2018 the company had probed the seabed to select drilling sites. Block 10 was formally awarded to ExxonMobil and Qatar Petroleum on 5 April 2017 as a result of the countryâs third offshore licensing round. It covers 2,555 sq km to the southwest of the island against the maritime boundary with Egypt at water depths between 1,670 m and 2,515 m. Contract terms in Cyprus provide for an initial three-year exploration period with two two-year renewals. At least a 25% relinquishment of the original license area is mandatory upon each renewal. In case of a discovery, the operator has the right to be awarded an exploitation concession. An exploitation concession is granted for a period of up to 25 years with an option for one renewal of ten years.  ExxonMobil E&P Cyprus (Offshore) Ltd is operator in the Block 10 with a 60% interest and Qatar Petroleum International Upstream OPC is partner with the remaining 40% interest.
summary: After reporting a gas discovery on 1 February 2019 local media announced on 7 February that ExxonMobil E&P Cyprus (Offshore) Ltd found oil in commercially viable quantities in the Glafkos-1 wildcat in the offshore Block 10.