ExxonMobil has informed the President of the Republic that combined gas volumes at the ‘Pegasus’ and ‘Glaucus’ fields in Cyprus’ Exclusive Economic Zone could reach 8-9 trillion cubic feet (Tcf), Government Spokesperson Konstantinos Letymbiotis said. Speaking after the President’s meeting in New York with ExxonMobil Vice President John Ardill, Letymbiotis noted that Ardill outlined the initial results from the latest Pegasus well, which -taken together with Glaucus- support the 8-9 Tcf estimate.
Government reaction
Letymbiotis described the update as “very positive news” and said the President conveyed both satisfaction with ExxonMobil’s presence and activity in Cyprus’s EEZ and the government’s clear message to accelerate development. The stated priority is to leverage national resources in a way that positively affects energy costs for Cypriot consumers.
Next steps and timelines
According to the Spokesperson, ExxonMobil will present specific next actions and schedules in the near term, setting out the steps required to commercialise the find. The government, he added, remains committed to its energy plan and expects implementation in line with agreed timetables, underscoring that ExxonMobil -“one of the first global majors active in Cyprus”- represents a continued vote of confidence in the Cypriot EEZ.