Results at Pegasus target to be revealed today, 7 July, Energy Minister says

07:34 - 07 July 2025

Economy Reporter

Minister of Energy, George Papanastasiou, has said that the latest drill in ExxonMobil’s Block 10 at Pegasus target, which was scheduled to be completed on Sunday, 6 July, was successful, with the results to be revealed on Monday, 7 July.

He said that "another good field has been found, which will be added to the overall natural gas reserves located in Cyprus's Exclusive Economic Zone (EEZ)," and that discussions are already underway for synergies between the companies, so that all these resources can be gathered and sent to Egypt for liquefaction and export.

The Minister was speaking on Saturday, 5 July from the Nisyros Dialogues platform, alongside Yannis Maniatis, Vice President of the Progressive Alliance of Socialists and Democrats (S&D), Member of the European Parliament, and former Minister of Environment, Energy & Climate Change.

Reference was also made to the Turkey-Libya memorandum and the Cyprus-Greece electricity interconnection.

The Cypriot Minister announced that the Regulatory Authority of Cyprus is about to decide on covering financial obligations concerning the GSI cable for the electricity interconnection between Israel, Cyprus, and Greece, so that Greece and Cyprus appear united with a shared front, without differences.

(Source: CNA)

Results at Pegasus target to be revealed today, 7 July, Energy Minister says

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