ExxonMobil Deems Gas Find at Elektra-1 Well Commercially Unviable

Exxon Mobil Corporation (XOM) , the U.S. oil and gas giant, has failed to find commercially feasible natural gas reserves at an exploratory well, namely Elektra-1, which was drilled offshore Cyprus earlier this year. Earlier, XOM had mentioned that it collected extensive three-dimensional (3D) seismic data and discovered several large prospects offshore Cyprus, including the Electra prospect. Based on the evaluation of the seismic data, the company stated that the Electra prospect was promising.Elektra-1 Fa ...