ExxonMobil to Begin Offshore Drilling in Cyprus

ExxonMobil is preparing to drill two new exploratory wells, Pegasus and Electra, off the southern coast of Cyprus in January 2025, aiming to enhance Europe's energy security in light of reduced Russian gas supplies. The Cypriot energy minister indicated that ExxonMobil may collaborate with the Eni-Total consortium to develop nearby gas deposits, including the Glaucus and Cronos fields, which collectively hold substantial reserves. ExxonMobil has been conducting extensive seismic surveys and is optimistic about the potential for further discoveries in the region. This initiative is part of a broader trend, as other multinational companies like Chevron, Eni, and TotalEnergies also explore the eastern Mediterranean for natural gas. The recent disruptions in energy supply due to geopolitical tensions have prompted Cyprus to consider new licensing rounds to attract further exploration. The strategic importance of these developments underscores the shifting dynamics of global energy security and market stability.