ExxonMobil, QatarEnergy kick off exploration drilling off Cyprus

ExxonMobil and QatarEnergy have commenced exploratory drilling for natural gas at the Electra prospect west of Cyprus, Cypriot President Nikos Christodoulides announced on January 24.
“Cyprus progresses exploration activities, aiming to be an alternative and reliable source of natural gas for the EU,” Christodoulides wrote on X, confirming that drilling began on that morning.
The eastern Mediterranean has seen significant gas discoveries in recent years, and Russia’s 2022 invasion of Ukraine has intensified Europe's focus on securing alternative energy supplies.
ExxonMobil executives have previously described Electra as “highly promising.” The company secured hydrocarbon exploration licences for Cyprus in 2017. Other international energy firms active in the region include Chevron, Eni and TotalEnergies.
While Cyprus has made several offshore gas finds, they are modest compared to the larger discoveries of neighbouring Egypt and Israel. The island has yet to bring any gas into production, 14 years after the first discovery, Aphrodite, was made in 2011 by Noble Energy, later bought by Chevron. Aphrodite is estimated to hold 98bn cubic metres in contingent resources, plus an additional 26 bcm in prospective resources.
Cyprus remains divided between the internationally recognised government in the south and a Turkish-backed administration in the north.
A Turkish defence ministry official said Ankara is closely monitoring the drilling, although the site lies outside the continental shelf boundaries Turkey has declared. Cyprus and Turkey have no diplomatic relations, and past exploration efforts have triggered disputes over maritime claims.
ExxonMobil and QatarEnergy plan to drill another well this year at the Pegasus site off Cyprus, although its potential is not considered as great as Elektra, which ExxonMobil has said could be comparable to Aphrodite in size.
Despite slow progress so far, Cyprus is hopeful it can launch first gas production as early as 2027. The first field to start flowing is expected to be Cronos, operated by Eni with partner TotalEnergies and assessed to hold 70 bcm in reserves. Eni’s development plan is slated to be approved this year. Cronos’ gas would be piped to the giant Zohr gas field offshore Egypt, which is also operated by Eni, for processing and shipping.
Cyprus’ government also aims to approve development of Aphrodite in 2025. Besides Chevron, the project also involves Shell and Israel’s NewMed Energy. Chevron has chosen to use a floating production unit, to process and ship gas directly from the site.
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