US energy giant ExxonMobil is finalising talks to secure a new offshore block in Cyprus’ exclusive economic zone (EEZ), while the Italian‑French consortium Eni‑Total are close to moving forward in their dispute with the Cypriot government, according to energy publication MEES.
The publication reports that Exxon is likely negotiating to acquire offshore Block 4, adding to its concessions over Blocks 5 and 10. Exxon recently declared commerciality at Block 10, with gas discoveries totalling around 7 trillion cubic feet (tcf) at Pegasus and Glaucus, in a 60:40 partnership with QatarEnergy.
Block 4 is the only open acreage adjacent to Exxon’s existing blocks and the only one it can negotiate for directly outside a licensing round, MEES explained.
The US‑Qatar partnership is also active in adjacent Egyptian waters, where drilling is planned later this year. Any discovery there could influence Exxon’s development plans for Glaucus and Pegasus, with MEES noting a preference for exporting gas to Egypt.
Cyprus ready for deal with Eni‑Total
Meanwhile, Eni and TotalEnergies hold concessions over Blocks 11 and 6, the latter containing the Cronos (3.1tcf), Zeus (2-3tcf) and Calypso (1tcf) fields. Eni’s plan is to send the Cronos gas to Egypt for liquefaction through a combination of new and existing infrastructure. Eni’s planned final investment decision (FID) stalled earlier this year amid a contractual dispute with the Cypriot government over liability risks linked to gas shortfalls, cost overruns and Egyptian infrastructure.
According to MEES, while Nicosia’s concerns have not been fully resolved, the sides appear close to an agreement that could be announced in the coming days or weeks, paving the way for an FID and first gas, potentially in 2028.
