ExxonMobil is moving ahead with the process of declaring commerciality for Block 10 of Cyprus’s Exclusive Economic Zone (EEZ), aiming to begin natural gas production between 2030 and 2035, according to the company’s Vice President, John Ardill. His remarks followed a meeting on Friday with the President of the Republic of Cyprus, Nikos Christodoulides, at the Presidential Palace.
President Christodoulides stressed that ExxonMobil’s activity in the EEZ of the Republic of Cyprus constitutes a vote of confidence and a key driver for the country’s energy development. He also noted that the government is ready to discuss the further development of additional blocks beyond Blocks 5 and 10.
For his part, Ardill said that ExxonMobil’s operations in the Cypriot EEZ have been successful, particularly at the “Pegasus” field, expressing the company’s intention to continue at the same pace. As he explained, the goal is to move forward with the commercialization and production of natural gas as quickly as possible.
According to him, the “Glaucus” and “Pegasus” deposits in Block 10 are estimated to contain a combined 6 to 9 trillion cubic feet of natural gas. “We had a very important meeting today […] and we have a long-standing and strong partnership,” he said, adding that the next step concerns the development pathways for the fields.
Mr. Ardill explained that the company presented the President with a plan to advance the fields through a Declaration of Commerciality, which will represent the next major milestone. Subsequently, alternative options for the development of the fields will be assessed.
Regarding the timeline, he noted that the first step is the completion of the Declaration of Commerciality, which is expected to be examined in the first half of the year, most likely in April. This will pave the way for the next phase of development.
