Europe Gas Supply Growth: All Eyes on Cyprus Cyprus...•Cyprus can play a role in meeting the...
Transcript of Europe Gas Supply Growth: All Eyes on Cyprus Cyprus...•Cyprus can play a role in meeting the...
Europe Gas Supply Growth: All Eyes on Cyprus
Tristan AsprayVice President, Europe/Russia/CaspianExxonMobil Exploration Company
November 2, 2017
0%
25%
50%
75%
100%
125%
2015 2040
Global Trends Continue to Evolve
+1.8 billionpeople
2xGDP
+25%demand
+10%CO2 emissions
-45%CO2 intensity
Percent
Growth from 2015 Level
ExxonMobil Energy Outlook
3
0
30
60
90
2000 2020 20400
30
60
90
2000 2020 2040
Europe Energy Demand
Transportation
Industrial
Electricity Generation
Res/Comm
Oil
Gas
Coal
Nuclear
Biomass
Other Renewables
By SectorQuadrillion BTUs
By FuelQuadrillion BTUs
ExxonMobil Energy Outlook
Gas Imports into Europe Growing
ExxonMobil Energy Outlook
• Well developed gas transmission network
• More than 60% of all gas consumed in EU crosses at least one international border
• LNG is forecast to play a growing role in meeting Europe’s gas demand
• 26 LNG receiving terminals in operation
• Cyprus can play a role in meeting the future needs for gas in Europe
BCFD
First delivery of US LNG to Poland, June 2017
Adriatic LNG terminal, offshore Italy
Strong Growth in Asia Pacific LNG Demand
ExxonMobil Energy Outlook
• Rapidly growing economies in Asia Pacific drive most global growth in LNG
• Demand will be met from sources around the world
• Any future LNG development in Cyprus will be well-positioned to also supply markets beyond Europe
LNG tanker passing through Suez canal
Near-term Cyprus Exploration Activity
EgyptIsrael
Cyprus
N
Lebanon
Zohr30 TCF
IP
Tamar12 TCF IPLeviathan
27 TCF IP
Aphrodite5 TCF IP
All in place (IP) volumes as reported by IHS
• 3 blocks awarded in 3rd
Round, April 2017
• ExxonMobil and partner Qatar Petroleum will begin a 2-well program on Block 10 in 2H 2018
• 3D seismic data acquired
• Well planning and permitting under way
• Rig and other contracts progressing
• Limassol shore base
• Other near-term drilling planned across multiple blocks