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ExxonMobil’s drilling rig is set to begin operations in Cyprus’ exclusive economic zone in mid-January, according to Cypriot Energy Minister George Papanastasiou. The rig will target the Electra well in Block 5, with the drilling process lasting about a month.
“The geological structures we observe at Electra look promising,” Papanastasiou said. “However, you can’t confirm optimism until you drill, and that’s why we are moving forward.”
The ExxonMobil rig, in partnership with Qatar Energy, will conduct two drillings: one at the Electra well in Block 5 and another at the Pegasus well in Block 10. The rig, recently operating in Egypt’s EEZ, is transitioning to Cyprus to support the continuation of its drilling program.
The Pegasus target, located near the Glaucus discovery in Block 10, is a fresh exploration rather than an appraisal drilling. Initial assessments suggest potential natural gas deposits ranging between 10 trillion cubic feet and 30 Tcf. If verified, Papanastasiou noted, “it would be a significant deposit.”
Meanwhile, Chevron, Shell and NewMed Energy are awaiting Cyprus’ feedback on their preliminary plan for the Aphrodite field.