Europe Gas Supply Growth: All Eyes on Cyprus Cyprus...•Cyprus can play a role in meeting the...
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Europe Gas Supply Growth: All Eyes on Cyprus
Tristan AsprayVice President, Europe/Russia/CaspianExxonMobil Exploration Company
November 2, 2017
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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
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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
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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
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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
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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