The fastest possible advancement of the development of discoveries in Cyprus’ Exclusive Economic Zone (EEZ) constitutes a priority for the Republic of Cyprus, President of the Republic Nikos Christodoulides told ExxonMobil Vice President for Exploration and New Ventures, John Ardill, during a meeting they had in New York, according to a written statement by Government Spokesman Konstantinos Letymbiotis.
Letymbiotis noted that Christodoulides and Ardrill on 23 September, reviewed cooperation between the Republic of Cyprus and ExxonMobil and discussed the steps forward for the development of 'Glaucus' and 'Pegasus' discoveries in Block 10 of Cyprus EEZ.
The Spokesman said that “the President of the Republic expressed his satisfaction with ExxonMobil’s successful presence in Cyprus’ EEZ and noted that the declaration of the two discoveries as commercially viable constitutes an important milestone, which now creates the conditions for moving to the next phase.”
President Christodoulides, Letymbiotis said, underlined that the fastest possible advancement of the development of the discoveries constitutes a priority for the Republic of Cyprus.
The President of the Republic also stressed “the importance of maintaining the momentum that has been created and accelerating the assessment of the available development options, with the aim of submitting the Development and Production Plan as soon as possible and advancing the necessary procedures towards a Final Investment Decision.”
The Spokesman also said that “the President of the Republic pointed out that the development of domestic natural gas reserves constitutes an important priority of the Republic of Cyprus’ energy strategy.”
He further added, Letymbiotis noted, that “their development can further strengthen Cyprus’ role in the Eastern Mediterranean and contribute to Europe’s efforts to enhance energy security and diversify sources and routes of supply.”
Concluding, Letymbiotis said that President Christodoulides reiterated “the Republic of Cyprus’ willingness to cooperate closely with ExxonMobil, which he described as an important long-term strategic partner, with the aim of transforming the successes of exploration activity into concrete development and production projects.”
(Source: CNA)
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