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ExxonMobil, in partnership with Qatar Energy, is planning to drill two more wells in Cyprus' offshore Blocks 5 and 10 early next year. The announcement came after a meeting between ExxonMobil Vice President John Ardill and Cyprus' President Nikos Christodoulides, alongside Energy Minister George Papanastasiou.
The drilling is part of a larger effort to explore new gas resources in the region. Ardill said the goal is to support Cyprus' domestic gas supply and potentially liquefied natural gas (LNG) production. The two new wells are expected to be drilled in January, with one in Block 5, called the "Electra" drilling, and another near the "Glaucus" field in Block 10, called the "Pegasus" drilling. These efforts will help assess what gas resources are available and how they might be developed for future use, with a clearer picture expected around mid-2025.
Energy Minister Papanastasiou explained that ExxonMobil, with Qatar Energy as a partner, is managing this drilling project. He noted that the outcome of the first drilling in Block 5 will help determine how to move forward with developing these fields. If successful, the "Glaucus" and "Pegasus" fields might be developed together using shared infrastructure.
Additionally, there are talks about potential synergies between existing gas fields, like "Cronos" and "Glaucus," and new developments. Papanastasiou clarified that the President's comments about Gulf companies referred to possible new rounds of licensing, not to existing projects.
The Energy Minister also addressed the upcoming arrival of the FSRU "Prometheas," a floating storage and regasification unit that will help Cyprus manage its gas resources. The unit is expected to leave Shanghai in early December and will stop at a temporary location before eventually being stationed at the Vasiliko LNG terminal once it's ready.
Overall, this drilling project marks an important step for Cyprus as it looks to explore and develop its offshore gas resources, potentially opening up new energy opportunities for the island.
