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ExxonMobil launches 'promising' exploration well off Cyprus-President
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ExxonMobil launches 'promising' exploration well off Cyprus-President
Jan 24, 2025 2:04 AM

NICOSIA, Jan 24 (Reuters) - ExxonMobil ( XOM ) and Qatar

Energy on Friday began exploratory drilling for natural gas in a

prospect west of Cyprus, Cyprus President Nikos Christodoulides

said on X.

The east Mediterranean has yielded some major gas

discoveries in recent years, and a disruption in energy supplies

from Russia after its 2022 invasion of Ukraine has sharpened

Europe's attention on securing alternative sources of supply.

"Cyprus progresses exploration activities, aiming to be an

alternative and reliable source of natural gas for the EU,"

Christodoulides wrote in his post.

He said drilling at the prospect, named Electra, got

underway on Friday morning.

ExxonMobil ( XOM ) executives have previously described Electra as

'highly promising'.

The company secured hydrocarbon exploration licences for

Cyprus in 2017. Other multinationals in the region include

U.S.'s Chevron (CVX.N), opens new tab, Italy's Eni (ENI.MI),

opens new tab and France's TotalEnergies (TTEF.PA).

Cyprus has made modest finds offshore compared to

sizeable discoveries by neighbours Egypt and Israel. It has not

yet put any gas into production.

The Mediterranean island nation is divided with the

internationally-recognised government in the south and a

breakaway Turkey-backed administration in the north.

Cyprus's drilling activities by are being closely monitored

by Ankara, a Turkish defence ministry official said. The area

being drilled lies outside continental shelf boundaries declared

by Turkey, they added.

Cyprus and Turkey do not have diplomatic relations, and past

exploration efforts have exposed disputes and overlapping

claims.

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