Christodoulides: New natural gas discovery in EEZ reaffirms Cyprus’ energy potential

The new discovery of natural gas in Cyprus’ exclusive economic zone (EEZ) in offshore Block 10 reaffirms the country’s energy potential, President Nikos Christodoulides said in a post after a teleconference with ExxonMobil Vice President, John Ardill, and being informed that the 'Pegasus-1' well drilling, within offshore Block 10, indicated approximately 350 metres of gas-bearing reservoir.

In a 7 July post on X, President Christodoulides said the new discovery of natural gas in Cyprus’ EEZ at Pegasus-1 in Block 10 “reaffirms the energy potential of Cyprus.”

“We will continue advancing our energy plans, with consistency and with the aim of exploiting our natural resources for the benefit of our people, our region and the EU,” he said.

Government Spokesperson, Konstantinos Letymbiotis, said later in a written statement that during the teleconference with ExxonMobil Vice President John Ardill, in the presence of the Minister of Energy, Commerce and Industry George Papanastasiou and Country Manager of ExxonMobil Cyprus, Varnavas Theodossiou, President Christodoulides was briefed on the new natural gas discovery made at the 'Pegasus-1' well, in Block 10 of the Republic of Cyprus’ EEZ.

He notes that the discovery follows “the successful completion of drilling operations” conducted by the ExxonMobil Exploration and Production Cyprus (Offshore) Limited (Operator) and QatarEnergy International E&P LLC consortium.

“The 'Pegasus-1' well, located about 190 kilometres offshore southwest of Cyprus, indicated approximately 350 metres of gas-bearing reservoir,” the Spokesperson notes, adding that the well “was safely drilled” by the 'Valaris DS-9' drillship in 1,921 metres of water. “Further assessment will be required in the coming months to evaluate the results,” he adds.

Letymbiotis also notes that this is the second gas discovery made in Block 10 by ExxonMobil and QatarEnergy, following the discovery at the 'Glaucus-1' well, announced in February 2019. The “Glaucus-2” appraisal well, completed in March 2022, confirmed the existence of high-quality gas-bearing reservoir, he said.

(Sources: CNA, X)