Latest News

ExxonMobil introduces 'promising' exploration well off Cyprus-President

ExxonMobil and Qatar Energy on Friday started exploratory drilling for natural gas in a. possibility west of Cyprus, Cyprus President Nikos Christodoulides. stated on X.

The east Mediterranean has actually yielded some major gas. discoveries in the last few years, and an interruption in energy products. from Russia after its 2022 intrusion of Ukraine has actually honed. Europe's attention on protecting alternative sources of supply.

Cyprus progresses expedition activities, aiming to be an. alternative and trustworthy source of natural gas for the EU,. Christodoulides wrote in his post.

He stated drilling at the prospect, called Electra, got. underway on Friday early morning.

ExxonMobil executives have actually formerly described Electra as. ' highly promising'.

The business 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 actually made modest discovers offshore compared to. considerable 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 federal government in the south and a. breakaway Turkey-backed administration in the north.

Cyprus's drilling activities by are being closely kept track of. by Ankara, a Turkish defence ministry official said. The location. being drilled lies outside continental shelf boundaries declared. by Turkey, they included.

Cyprus and Turkey do not have diplomatic relations, and past. exploration efforts have exposed disagreements and overlapping. claims.

(source: Reuters)