Cyprus natural gas reserves in the ‘Pegasus’ and ‘Glaucus’ fields could amount to between 8 and 9 trillion cubic feet, according to ExxonMobil.
Government spokesperson Konstantinos Letymbiotis said the company shared the estimate with President Nikos Christodoulides during a meeting in New York with ExxonMobil vice president John Ardill.
“This was a very important meeting,” Mr Letymbiotis told reporters. “The vice president informed the president about the initial findings from the latest drilling at ‘Pegasus’. Based on the first data available, and combined with ‘Glaucus’, the volume of natural gas may reach 8 to 9 trillion cubic feet. These are very positive signals from ExxonMobil.”
He added that the president expressed satisfaction with the company’s cooperation and activities in Cyprus’ EEZ, while also urging faster progress towards extraction so that the country’s natural wealth can be utilised. “The primary goal is to positively impact energy costs for Cypriot consumers,” Mr Letymbiotis stressed.
“The news is encouraging. We remain committed to implementing the national energy strategy, and the companies operating in Cyprus’ EEZ – ExxonMobil being one of the first – are global giants whose presence represents a vote of confidence,” he said.
Asked about next steps, Mr Letymbiotis said ExxonMobil outlined concrete actions and will soon present timelines for the implementation of necessary measures to begin utilising the Cyprus natural gas reserves.
Also read: Great Israel vs New Turkey: Cyprus caught in the middle
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