Natural gas could start flowing by 2033 out of two undersea deposits discovered by ExxonMobil off Cyprus, a senior executive with the company said Tuesday, helping to turn the east Mediterranean island nation into a new European energy hub.
The largest US oil company and its consortium partner, QatarEnergy, consider the most likely option for getting the gas to market would be conveying it through a pipeline to existing processing facilities in Egypt where it can be liquefied for export, ExxonMobil’s Vice President of Global Exploration John Ardill said.
Other options including building onshore facilities in Cyprus or a floating one in waters over the deposits are considered too costly at this point.
“Everything you’ve seen between the government of Cyprus and the government of Egypt gives us a lot of confidence that there’s good government to government coordination, the agreements in place to leverage that eastern Mediterranean energy hub concept,” Ardill said.
He was speaking after ExxonMobil and QatarEnergy signed a deal with Cyprus declaring the two deposits commercially viable.
