Cyprus President Nikos Christodoulides met with John Ardill, Vice President of ExxonMobil, in New York to discuss recent findings from the Pegasus offshore gas field. According to ExxonMobil, the combined natural gas reserves of the Pegasus and Glaucus fields within Cyprus’ Exclusive Economic Zone (EEZ) are estimated at 8–9 trillion cubic feet, offering a significant boost to the island’s energy potential.

Government spokesperson Konstantinos Letymbiotis described the meeting as “very important,” highlighting the company’s initial assessment of the Pegasus field. “These are extremely positive developments and strong signals from ExxonMobil,” he said.

Government Focus: Rapid Development and Energy Security

President Christodoulides expressed satisfaction with the ongoing cooperation with ExxonMobil and emphasized the Cypriot government’s desire to expedite gas extraction. The goal is to leverage these resources to benefit local energy costs while enhancing energy security for Cyprus.

“The news is very encouraging. We remain committed to our energy strategy, and the presence of global giants like ExxonMobil in our EEZ is a clear vote of confidence in Cyprus’ offshore resources,” Letymbiotis added.

Next Steps for Gas Field Development

When asked about the company’s next steps, the spokesperson confirmed that detailed plans and timelines for resource development will be outlined shortly. “Concrete actions are expected soon to ensure the gas can be efficiently developed. This is one of the key objectives moving forward,” he said.