President Nikos Christodoulides has called for the development of the Glaucus and Pegasus gas discoveries in Cyprus’s exclusive economic zone (EEZ) to move forward as quickly as possible.
Christodoulides met ExxonMobil Vice-President for Global Exploration John Ardill in New York on Wednesday, with the two sides discussing the next steps towards developing the discoveries in Block 10.
According to a written statement by Government Spokesman Konstantinos Letymbiotis, the meeting also included a review of cooperation between the Republic of Cyprus and ExxonMobil.
Commercial status marks ‘important milestone’
Christodoulides expressed satisfaction with ExxonMobil’s exploration activity in the Cypriot EEZ and said the declaration of Glaucus and Pegasus as commercially viable discoveries represented an important milestone.
According to Letymbiotis, the president said this had created the conditions for the projects to move into their next phase.
Christodoulides stressed that accelerating Glaucus and Pegasus gas development was a priority for the Republic of Cyprus.
He also highlighted the importance of maintaining the momentum already created and accelerating the assessment of available development options.
The aim, according to the government spokesman, is to submit a Development and Production Plan as soon as possible and advance the necessary procedures towards a Final Investment Decision.
Gas reserves part of Cyprus energy strategy
Christodoulides also described the development of Cyprus’s domestic natural gas reserves as an important part of the country’s energy strategy.
He said bringing the discoveries into production could further strengthen Cyprus’s role in the Eastern Mediterranean while contributing to Europe’s efforts to improve energy security and diversify its sources and supply routes.
The president reiterated Cyprus’s willingness to work closely with ExxonMobil, which he described as an important long-term strategic partner.
According to Letymbiotis, the objective is to turn the successes of exploration activity in Cyprus’s EEZ into concrete development and production projects.
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