Cyprus’ offshore energy potential has attracted international attention for the last 15 years, yet transforming discoveries into commercial reality requires patience, technical expertise and long-term commitment.
In an interview with GOLD magazine, Louiza Papageorgiou, Cyprus Country Lead and Cyprus & Greece Venture Manager at ExxonMobil Exploration and Production Cyprus (Offshore) Limited, discusses the company’s vision for the region, Cyprus’ growing strategic role in European energy security, and the leadership principles guiding one of the world’s largest energy companies through an increasingly complex geopolitical landscape.
Cyprus’ hydrocarbons story has long promised a lot but delivered little. What has changed to strengthen ExxonMobil’s commitment to the region?
Drilling is a complex process which usually takes a long time. It starts with collecting seismic data (2D and 3D), followed by planning, evaluation and obtaining necessary permits. If initial drilling is successful, results are assessed, and an appraisal well may be planned. Based on further evaluation, development planning, design selection and infrastructure construction take place – all leading to the start of gas production. So, the impression that delivery is slow comes as no surprise, but these timelines are considered normal in the oil and gas industry. As regards our commitment to the region, this has been steady since 2017 when we were first awarded the Exploration Licence with our partner QatarEnergy for Block 10. It has increased to include Block 5 and being awarded exploration licences in both Egypt and Greece.
Are you interested in acquiring more blocks in Cyprus’ Exclusive Economic Zone, as some media reports have suggested?
We continuously evaluate opportunities that align with our strategic objectives and meet our rigorous technical and commercial criteria. As announced during our recent event following the declaration of commerciality for the Glaucus/Pegasus Hub, Cyprus remains an important part of ExxonMobil’s Eastern Mediterranean portfolio. We maintain a constructive dialogue with the authorities and regularly assess opportunities that could complement our existing position in the region. Any decision regarding additional acreage would be subject to technical evaluation, commercial competitiveness and the relevant government processes.
If ExxonMobil were to receive a licence for Block 4, when would exploration realistically begin?
Exploration activity follows a structured process and, as with any offshore block, timing would depend on several factors, including licensing, data availability, technical evaluation and regulatory approvals. Should our local affiliate submit a bid for Block 4 and, if successful, be awarded a licence, the initial phase would typically involve the acquisition and interpretation of seismic data to better understand the subsurface geology and identify potential drilling targets. Following that evaluation, exploration plans can be developed and submitted for approvals. Our experience demonstrates our ability to move efficiently when conditions allow. For example, after being awarded Block 10 in 2017, we shot seismic in 2018 and commenced drilling later that year – a timeline considered among the fastest by industry standards.
Does ExxonMobil believe that Cyprus can realistically become a regional energy hub or will it remain a supporting player in the Eastern Mediterranean gas market? What still needs to happen institutionally, politically or infrastructurally for that vision to become reality?
Cyprus is increasingly becoming an important participant in the Eastern Mediterranean energy sector, supported by a growing resource base and strategic geographic position between regions and key energy markets. The scale of its future will depend on several factors, including continued resource development, the discovery of additional hydrocarbons, a stable and competitive regulatory framework, regional cooperation and the availability of infrastructure to efficiently monetise resources. With these elements in place, Cyprus has the potential to further strengthen its position within the regional energy system. A consistent long-term policy framework, supported by a clear national strategy, can help provide confidence and predictability to investors and partners.
On a personal note, you recently became Cyprus Country Lead and Cyprus & Greece Venture Manager for ExxonMobil E&P Cyprus. What does this new role mean to you, and what are your priorities moving forward?
As with every multinational, our roles are constantly evolving. This new role is both a privilege and a responsibility. It comes at a time when energy security is being put to the test, and Cyprus and the wider Eastern Mediterranean are gaining increasing strategic importance in the global energy landscape. My priorities are centred on three key areas: First, supporting our great team of experts across the globe working on the Cyprus project to ensure safe, efficient and responsible operations as we continue to progress our activities in Cyprus. Second, strengthening collaboration – with our partners, the Government and all key stakeholders – to support the long-term, sustainable development of resources. And third, positioning our work within the broader regional and European energy context, particularly as energy security and transition remain at the forefront of the EU agenda. At ExxonMobil, we believe the world needs reliable and affordable energy to support modern life and economic progress while also advancing technologies and solutions that help reduce emissions – it is a privilege to contribute to this aim.
Given that you have a background in Law and Economics, what makes working in the energy industry so attractive?
The energy industry is highly technical and relies on expertise among many disciplines, including engineering, geology, geoscience, economics, law, public policy and stakeholder engagement. I recognised early in my career that successful energy projects depend not only on technical expertise but also effective collaboration among a wide range of stakeholders. This is what makes the energy sector so fascinating – it is not just an engineering challenge but a complex system influenced by regulation, market forces and geopolitics, where alignment across stakeholders is critical. While technical challenges are fascinating, progress ultimately depends on people; working together, building trust and finding solutions is the part I enjoy the most.
This interview first appeared in the July edition of GOLD magazine. Click here to view it.
