Nicosia: 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 Monday following a teleconference with ExxonMobil Vice President, John Ardill. The discussion revealed that the ‘Pegasus-1’ well drilling, within offshore Block 10, indicated approximately 350 metres of gas-bearing reservoir.
According to Cyprus News Agency, President Christodoulides emphasized in a post on X that this new discovery at Pegasus-1 in Block 10 reaffirms Cyprus’ energy potential. He stated that the country will continue to advance its energy plans with consistency, aiming to exploit natural resources for the benefit of its people, the region, and the European Union.
Government Spokesperson Konstantinos Letymbiotis noted in a written statement that during the teleconference with ExxonMobil Vice President John Ardill, President Christodoulides was briefed on the new natural gas discovery. The teleconference included the Minister of Energy, Commerce and Industry George Papanastasiou and ExxonMobil Cyprus Country Manager, Varnavas Theodossiou.
Letymbiotis highlighted that the discovery follows the successful completion of drilling operations conducted by the ExxonMobil Exploration and Production Cyprus (Offshore) Limited and QatarEnergy International E and P LLC consortium. The ‘Pegasus-1’ well, situated about 190 kilometres offshore southwest of Cyprus, indicated approximately 350 metres of gas-bearing reservoir. The well was drilled safely by the ‘Valaris DS-9’ drillship in 1,921 metres of water, with further assessment required in the coming months to evaluate the results.
He also pointed out that this marks the second gas discovery in Block 10 by ExxonMobil and QatarEnergy, following the 2019 ‘Glaucus-1’ well discovery. The ‘Glaucus-2’ appraisal well, completed in March 2022, confirmed the existence of a high-quality gas-bearing reservoir.