ExxonMobil, QatarEnergy Begin Natural Gas Drilling Off Cyprus

ExxonMobil and QatarEnergy have commenced exploratory drilling for natural gas in Block 5 off the western coast of Cyprus, as announced by Cypriot President Nikos Christodoulides. This initiative aims to position Cyprus as a reliable alternative source of natural gas for the EU, amidst heightened interest in diversifying energy supplies following disruptions from Russia. The targeted area, known as Electra, has been deemed 'highly promising' by ExxonMobil executives, who have held exploration licenses in Cyprus since 2017. Other international companies, including Chevron, Eni, and TotalEnergies, are also active in the region, although Cyprus has yet to begin production. The drilling activity is being closely monitored by Turkey, which claims parts of the waters, but the current operations lie outside its declared continental shelf boundaries. Despite previous discoveries, Cyprus has not yet matched the significant gas finds of neighboring countries like Egypt and Israel.