ExxonMobil is set to commence drilling a new well offshore Cyprus in January 2025 as part of its natural gas exploration efforts, Reuters has reported.
The initiative is part of a broader strategy by energy majors to diversify Europe's gas supply sources, especially following disruptions from Russia after its 2022 invasion of Ukraine.
The eastern Mediterranean region has seen significant recent natural gas discoveries. ExxonMobil, which secured licences in Cyprus in 2017, announced a gas find at the Glaucus well in 2019.
The upcoming drillings will include two new wells, Pegasus and Electra, according to a senior executive responsible for global exploration at ExxonMobil.
ExxonMobil holds exploration licences for two offshore blocks in partnership with Qatar Energy. Other multinational companies active in the region are Chevron from the US, Italy's Eni and France's TotalEnergies.
The region's growing interest may lead to a new licensing round for offshore exploration, as suggested by Cyprus's Energy Minister George Papanastasiou.
ExxonMobil vice-president for global exploration John Ardill stated: "We've spent the last two years collecting very detailed, three-dimensional seismic data. We've identified several large prospects, and the next stage is to bring in a drilling rig and test those.
"We'll spud our first well in mid-January, so we are very excited about that," he told a conference in Nicosia.
Electra, located in Block 5 of Cyprus' 13 offshore exploration areas, is a significant prospect with the potential for standalone development, pending appraisal drilling.
Pegasus is situated near the Glaucus discovery in Block 10 and close to the Eni/Total discovery, Cronos, in Block 6.
In a related development, ExxonMobil Exploration & Production Suriname, an affiliate of ExxonMobil, has announced its withdrawal from Block 52 offshore Suriname. The decision is part of ExxonMobil's ongoing global portfolio assessment.
The company has informed Staatsolie, the state-owned entity, of its exit, transferring its 50% working interest to Petronas Suriname E&P, which now holds 100% interest in the block.
