“Everything is ready for drilling to begin in December,” ExxonMobil Vice President for Global Exploration John Ardill informed President Nikos Christodoulides during their meeting on Tuesday at the Presidential Palace.
According to a statement from the Presidency, the President and the ExxonMobil Vice President, in the presence of Minister of Energy, Commerce and Industry Michalis Damianos, “discussed the next steps for the development of the ‘Glaucus’ and ‘Pegasus’ discoveries in Block 10 of Cyprus’ Exclusive Economic Zone (EEZ).”
President Christodoulides was informed by the ExxonMobil Vice President that the drilling teams have been reinforced with additional personnel so that operations can proceed at a fast pace.
The President was then briefed on the work schedule for the coming months, as well as on broader aspects of the project.
“Within the next year, we will submit a development and production plan to the Government for consideration,” Ardill said, adding that their goal is to move forward with the implementation of the project as soon as possible.
During the meeting, ExxonMobil’s head of global exploration, John Ardill, announced that a drilling rig would return to Cyprus in the coming December to carry out additional drilling operations and tests at the Pegasus field.
Following his meeting with President Nikos Christodoulides at the Presidential Palace, in the presence of Energy Minister Michalis Damianos, he said that these operations would help shape the path toward submitting a development and production plan for the field next year, which represents an important next step in advancing the project.
For his part, Energy Minister Michalis Damianos said that everything is proceeding according to the pre-established timelines, with a final investment decision expected in 2029 and first natural gas production in 2033.
Ardill said that they were “particularly pleased” to return to Cyprus, following the declaration of the commercial viability of the Glaucus-Pegasus field earlier this year. “We have returned to brief the President of the Republic and his team on the progress we have made during the year, as well as on our future plans,” he added.
“I am pleased to announce that a drilling rig will return to Cyprus in the coming December to carry out additional drilling operations and tests at the Pegasus field,” he said. He noted that these operations would contribute to shaping the path toward submitting a development and production plan for the field next year, “which is an important next step for advancing the project.”
In addition, he said, new seismic surveys will be carried out at the beginning of next year. “We therefore have a significant work programme ahead of us,” Ardill added, noting that they have worked with the Ministry and the Minister’s team to ensure full coordination and that operations proceed as quickly as possible.
In his remarks, Damianos said they had “a very constructive meeting” with the ExxonMobil delegation, during which they were briefed on developments regarding Glaucus and Pegasus.
“As you have heard, we are also proceeding with new drilling operations within the year, in December, and we were briefed on the latest developments in the EEZ itself,” he said.
A discussion was also held, of course, regarding Blocks 4 and 10A, the Energy Minister added.
“Everything is proceeding according to the pre-established timelines, with a final investment decision expected in 2029 and first natural gas production in 2033,” he said.
Asked whether an agreement had been reached regarding Blocks 4 and 10A, or whether specific timelines had been set for when they would be made available for development, the Energy Minister said that at present “we are at the legal stage of exchanging views regarding the signing of the various contracts, based on our own criteria.” He added that there is a period of two to three months during which “there is time for these agreements to be signed so that these can also proceed.” But, he continued, the priority is clearly Glaucus and Pegasus, with the timelines we have set.
