Glaucus-1 Discovery Puts East Mediterranean Back in Focus

ExxonMobil, along with partners Qatar Petroleum, recently announced a multi-TCF discovery of gas in the Glaucus-1 well offshore Cyprus.  The well encountered a gas-bearing reservoir of ~133 metres with in-place resources estimated to be 3-5 TCF.  This discovery brings the total announced gas reserves in the region up to 70 TCF.

The eastern Mediterranean has seen a renewed focus of exploration activity following the Zohr discovery, which opened up a different play type to those of the Leviathan and Aphrodite discoveries.  With this increased level of interest, Lebanon’s 2nd Offshore Licensing Round provides a timely opportunity to gain access to favourable acreage in this emerging region.

 

 

Spectrum has acquired and interpreted over 5,000 km2 of modern Multi-Client 3D data offshore Lebanon.  The Early Miocene reservoir shows a string of three-way dip closed and one-way fault closed structures that range in size from 20 to 50 km2, capped by thick Late Miocene mudstones.  These are similar in size to the Tamar structure (9 TCF) to the south but less highly faulted.  The Lebanese Licensing Round is currently open and due to close at the end of Q3 2019.