Papanastasiou: ExxonMobil to resume drilling in Cyprus mid-January

The ExxonMobil and partner QatarEnergy will start drilling at the "Electra" target, located in block 5 of Cyprus' Exclusive Economic Zone (EEZ), in mid-January for approximately one month, before moving on to “Pegasus” in block 10, Energy Minister George Papanastasiou said in an interview.

“The geological structures we observe at 'Electra' are optimistic," he told the Cyprus News Agency. “The geological structures in block 5 appear to be promising," he added, though conceded: "Unless you drill, you can't confirm if this optimism will become reality."

The minister further revealed that ExxonMobil’s rig is on its way to Cyprus waters from Egypt's EEZ, where it had recently conducted drilling.

"It is moving into Cyprus' EEZ with the purpose of carrying out two drillings, one at the 'Electra' target and another at the 'Pegasus' target in block 10," he stated.

The "Pegasus" target is near the "Glaucus" well, and is a new drilling, not an appraisal one.

The Energy Minister referred to various articles recently discussing a geological structure that, based on preliminary indications, may contain between 10 trillion cubic feet and 30 trillion cubic feet of natural gas.

"It would be a significant deposit if confirmed," he noted.

When asked about the start date of the drilling, Papanastasiou stated that it would begin "in mid-January and last approximately for one month". He explained that the NAVTEX issued by the Republic of Cyprus is valid until 24 February, and subsequently, the rig will move to the "Pegasus" target.

In other energy news, the minister said the development and production plan for the Cronos deposit is expected from Eni and Total “at any moment”, while Chevron, Shell, and New Med Energy are "waiting for our response on whether the development and production plan for 'Aphrodite' they submitted is acceptable".

He added, "They have provided us with a preliminary plan and will submit a more comprehensive plan within the next two weeks".