Nicosia:ExxonMobil's Head of Global Exploration, John Ardill, has announced the return of a drilling rig to Cyprus in December to conduct further drilling and testing operations at the Pegasus discovery within Cyprus' Exclusive Economic Zone.

According to Cyprus News Agency, Ardill, who was hosted at the Presidential Palace by President Nikos Christodoulides and Energy Minister Michalis Damianos, stated that these operations will aid in preparing the development and production plan for submission next year. This step is deemed crucial for the project's advancement.

Minister Damianos confirmed that the project is on track with a final investment decision for the Glafkos and Pegasus fields expected by 2029, and the first natural gas is projected for 2033. The meeting also addressed developments in blocks 4 and 10A, with a focus on finalizing agreements within the next few months to maintain the project's momentum.