Economy category powered by

Christodoulides: Energy strategy remains unchanged following Elektra-1 outcome

President Nikos Christodoulides affirmed that the government's energy strategy remains unchanged, despite the recent announcement that the Elektra-1 well in Block 5 did not yield commercially viable quantities of natural gas.

The drilling, conducted by ExxonMobil and QatarEnergy, confirmed the presence of a hydrocarbon system and high-quality reservoirs; however, the quantities found were insufficient for commercial exploitation.

Speaking at the 15th Nicosia Economic Congress, President Christodoulides stressed that the outcome does not alter the government's plans, adding that the consortium is proceeding with exploration at a new target, Pegasus-1, within Cyprus' Exclusive Economic Zone.

The President also mentioned his recent meetings in Texas with executives from ExxonMobil and Chevron, during which they discussed ongoing and future exploration activities. He reiterated that the government's energy strategy continues as planned, focusing on strengthening Cyprus' role as a reliable energy partner in the Eastern Mediterranean.

Read More

Tourist arrivals up 7.5% in Q1, down 0.8% in March
Cyprus-Germany Business Association holds networking event in Nicosia
Makis Keravnos urges structured dialogue between EU-USA on tariffs
New era at CIBA with Vassilios Demetriades at the helm
Cabinet approves bills for national unit to implement economic sanctions
US Ambassador meets with the President of the Cyprus Olympic Committee at the Olympic House
Second-placed Cyprus among the EU members transporting most freight by sea in 2023
The profiles, HQs, assets under management and more of Plug and Play Tech Center and Tenstorrent
Punin Group launches delicious new venture: The Croissant by Punin
Deputy Minister of Innovation meets with Amazon officials