ExxonMobil’s drilling rig will start drilling in mid-January at the ‘Electra’ target, located in Block 5 of Cyprus’ Exclusive Economic Zone (EEZ), for approximately one month, Energy Minister George Papanastasiou said on Thursday.
“The geological structures we observe at ‘Electra’ are optimistic,” he told CNA.
Papanastasiou explained that ExxonMobil’s drilling rig will be used for two drillings, one at the ‘Electra’ target and another at the “Pegasus” target in Block 10.
“Our drilling programme begins in January 2025” with the ‘Elektra’ target, located in the southern part of Block 5 of Cyprus’ EEZ, he added.
“The geological structures in Block 5 appear to be promising,” Papanastasiou said but emphasised that “unless you drill, you can’t confirm if this optimism will become a reality. Therefore, we proceed with drilling.”
Regarding the drilling by ExxonMobil’s rig, which is in partnership with Qatar Energy in Block 5, Papanastasiou said that the rig moved into Cyprus’ EEZ 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 said that the ‘Pegasus’ target is in Block 10, near the ‘Glafcos’ target, and it 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 February 24, and subsequently, the rig will move to the ‘Pegasus’ target.
Regarding the continuation of the energy programme of the Republic of Cyprus, Papanastasiou told CNA that the “development and production plan for the ‘Cronos’ target is expected at any moment” from Eni and Total.
He also mentioned that the consortium of Chevron, Shell, and New Med Energy is “waiting for our response on whether the development and production plan for ‘Aphrodite’ they submitted is acceptable”.
“They have provided us with a preliminary plan and will submit a more comprehensive plan within the next two weeks,” he added.
“There are many developments, and they result from our efforts and the fact that we set things in motion from the first day of assuming office.”
Regarding his meeting on Friday in Athens with his Greek counterpart, Theodoros Skylakakis, on the Greece-Cyprus electricity interconnection project (GSI), Papanastasiou told CNA that during the morning meeting, “we will discuss our advisors’ observations” on the possibility of “the Republic of Cyprus being a shareholder in the GSI.”
“We will convey the observations pointed out by our advisors to understand the other side’s positions”, he underlined.
He explained that “some observations are critical and halt the entire consultation, while others are more moderate.
“We will consult to understand what the other side has in mind”.
The meeting will include representatives from the Greek Prime Minister’s Office and the project implementer, ADMIE (Transmission System Operator for the Hellenic Electricity Transmission System) while the Republic of Cyprus will be represented by the Presidency and the Ministry of Energy.
