ExxonMobil, Qatar Energy start drilling for natural gas in Cyprus

Yahoo

27-01-2025

ExxonMobil, in partnership with Qatar Energy, has commenced exploratory drilling for natural gas off the coast of Cyprus, indicating Europe's diversification efforts, reported Reuters, citing Cyprus President Nikos Christodoulides' announcement on X.
This development follows the heightened need for alternative gas supplies in the wake of Russia's invasion of Ukraine in 2022. The Eastern Mediterranean has become a focal point for such activities, with major gas finds in recent years.
The drilling operations, which include the Pegasus and Electra wells, were initially announced in November 2024.
Christodoulides confirmed that drilling at the Electra prospect began last Friday.
The region's potential was underscored by a discovery at the Glaucus well in 2019 by ExxonMobil, which had been granted exploration licences for Cyprus in 2017.
ExxonMobil's presence in Cyprus is part of a larger international consortium that includes Chevron from the US, Italy's Eni and France's TotalEnergies.
Despite its proximity to gas discoveries in Egypt and Israel, Cyprus has yet to produce gas from its modest offshore finds. The country is said to be seeking to position itself as a reliable alternative natural gas supplier for the EU.
The recent talks in Nicosia between Cyprus' Energy Minister, George Papanastasiou, and Egypt's Petroleum Minister, Karim Badawi, have focused on cooperation for joint infrastructure projects.
These projects could form part of a new energy corridor linking the Eastern Mediterranean to Europe, according to Cyprus' Energy Ministry.
Ankara is closely monitoring Cyprus' drilling activities, as stated by a Turkish Defence Ministry official. The drilling is taking place in an area that lies outside of the continental shelf boundaries claimed by Turkey.
The island nation of Cyprus remains politically divided, with the south governed by an internationally recognised administration and the north by a Turkey-backed entity, leading to ongoing disputes and overlapping territorial claims.
"ExxonMobil, Qatar Energy start drilling for natural gas in Cyprus" was originally created and published by Offshore Technology, a GlobalData owned brand.
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