Christodoulides urges faster development of Cyprus offshore gas fields
The president called for a development and production plan for the Pegasus and Glaucus fields after meeting ExxonMobil’s exploration vice president in New York.
New York, United States. President Nikos Christodoulides called for natural gas off Cyprus to be developed “as soon as possible” during a meeting with ExxonMobil vice president for global exploration John Ardill on the sidelines of the United Nations General Assembly.
Development plans
Government spokesman Konstantinos Letymbiotis said the two discussed the next steps for the Pegasus and Glaucus fields in Block 10 of Cyprus’ exclusive economic zone. ExxonMobil and QatarEnergy jointly hold development rights for the fields and declared them marketable at the end of June.
Christodoulides welcomed ExxonMobil’s presence in the zone and said the fields’ designation as commercially viable was a significant milestone. He called for the evaluation of development options to be accelerated so that a development and production plan could be submitted as soon as possible, allowing the companies to move towards a final investment decision.
Energy strategy
Letymbiotis said Christodoulides described the use of domestic gas reserves as a priority for Cyprus’ energy strategy. The president said their development could strengthen Cyprus’ role in the eastern Mediterranean and support European efforts to improve energy security and diversify supply sources and routes.
He also reaffirmed Cyprus’ commitment to working closely with ExxonMobil, which he called a significant long-term partner, to turn exploration results into development and production projects.
When the fields were declared marketable, Ardill described the announcement as the culmination of eight years of work, citing the award of the blocks in 2017, a discovery in 2019 and a second discovery last year.
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