ExxonMobil is considering a partnership with the Eni-Total consortium to jointly develop significant natural gas discoveries off the southern coast of Cyprus. Cypriot Energy Minister George Papanastasiou confirmed the discussions, highlighting the potential for collaboration in bringing these energy reserves to market.
ExxonMobil, alongside its partner Qatar Petroleum, holds exploration rights in Block 10, where the company plans to drill the Pegasus well near the Glaucus field, which contains an estimated 5 to 8 trillion cubic feet of gas. Meanwhile, the Eni-Total consortium has discovered the Cronos field in Block 6, with an estimated 2.5 trillion cubic feet of gas.
If successful, the new Pegasus well could be linked to Glaucus through a shared infrastructure, creating the potential for a substantial gas development project. In addition to the Pegasus well, ExxonMobil will also drill the Electra well in Block 5, located to the north of Block 10.
The companies will evaluate various development options once the wells are drilled, including the possibility of creating a floating LNG terminal or sending gas to onshore facilities for both domestic use and export. These offshore reserves are seen as a crucial step in bolstering Europe’s energy security, especially in light of the ongoing energy crisis caused by the war in Ukraine.
Cypriot officials are also reportedly engaging with energy companies from the Persian Gulf about future exploration in the country’s exclusive economic zone, signaling further opportunities for offshore energy development.
