Official update on ‘Electra’ anticipated today, Energy Minister says

The Republic of Cyprus is awaiting an official update from the company by Monday regarding the drilling results at the 'Electra' well in Block 5 of Cyprus’ Exclusive Economic Zone (EEZ), Energy Minister George Papanastasiou has said.

Responding to a question from CNA about the 'Electra' prospect, Minister Papanastasiou simply noted that the official update from the company is expected by Monday, 14 April.

An article published on Friday, 11 April by MEES, a specialist energy industry publication, reports that the drilling carried out by the ExxonMobil and QatarEnergy consortium did not lead to the discovery of commercially viable quantities of natural gas, despite encountering an active petroleum system. The article cites sources involved in the drilling operations. It adds that the outcome is considered disappointing, given earlier expectations of discovering up to 30 trillion cubic feet (tcf) of gas.

The report also notes that the drilling at 'Electra,' which began in January with the Valaris DS-9 drillship, faced technical challenges due to high-pressure conditions, which delayed the results. It adds that the drillship will now move to neighboring Block 10 to drill the “Pegasus” prospect, where ExxonMobil and QatarEnergy hold identical stakes (60%-40%).

Block 10 also contains the 'Glaucus' discovery (3.2 tcf), while to the north, in Block 6, Italy’s Eni and TotalEnergies have identified the 'Cronos,' 'Zeus,' and 'Calypso' fields. According to MEES, development of the 'Cronos' field is progressing, with plans to channel gas to Eni’s 'Zohr' offshore facilities in Egypt, with first production targeted for 2027.

The article also refers to recent meetings in the US between President of the Republic Nikos Christodoulides and senior executives of both ExxonMobil and Chevron. Discussions focused on potential synergies to accelerate the development of Cyprus’ gas fields, with particular emphasis on the 'Aphrodite' field (3.5 tcf), whose development plan was approved this year by Nicosia. Plans for a pipeline to Egypt are now moving forward.

(Source: CNA)