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Christodoulides: Energy strategy remains unchanged following Elektra-1 outcome

10:51 - 15 April 2025

Economy

President Nikos Christodoulides affirmed that the government's energy strategy remains unchanged, despite the recent announcement that the Elektra-1 well in Block 5 did not yield commercially viable quantities of natural gas.

The drilling, conducted by ExxonMobil and QatarEnergy, confirmed the presence of a hydrocarbon system and high-quality reservoirs; however, the quantities found were insufficient for commercial exploitation.

Speaking at the 15th Nicosia Economic Congress, President Christodoulides stressed that the outcome does not alter the government's plans, adding that the consortium is proceeding with exploration at a new target, Pegasus-1, within Cyprus' Exclusive Economic Zone.

The President also mentioned his recent meetings in Texas with executives from ExxonMobil and Chevron, during which they discussed ongoing and future exploration activities. He reiterated that the government's energy strategy continues as planned, focusing on strengthening Cyprus' role as a reliable energy partner in the Eastern Mediterranean.

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