The fastest possible promotion of the development of discoveries in Cyprus’ EEZ is a priority for the Republic of Cyprus, President Nikos Christodoulides said during his meeting on Wednesday in New York with ExxonMobil Vice President for Global Exploration John Ardill.
According to a written statement by Government Spokesperson Konstantinos Letymbiotis, the meeting included a review of cooperation between the Republic of Cyprus and ExxonMobil, as well as discussions on the next steps for the development of the «Glafcos» and «Pegasus» discoveries in Block 10 of Cyprus’ EEZ.
Mr Letymbiotis said that the President expressed his satisfaction with ExxonMobil’s successful presence in Cyprus’ EEZ. He also noted that the declaration of the two discoveries as commercially exploitable represented an important milestone and created the conditions for moving to the next phase.
Mr Christodoulides also stressed the importance of maintaining the momentum that has been created and accelerating the assessment of the available development options. The aim, he said, is to submit the Development and Production Plan as soon as possible and advance the necessary procedures for taking a Final Investment Decision.
The Government Spokesperson further stated that the President underlined that the development of domestic natural gas reserves is an important priority of the Republic of Cyprus’ energy strategy.
He added that their development could further strengthen Cyprus’ role in the Eastern Mediterranean and contribute to Europe’s efforts to enhance energy security and diversify sources and supply routes.
According to Mr Letymbiotis, President Christodoulides reiterated the Republic of Cyprus’ willingness to maintain close cooperation with ExxonMobil, which he described as an important long-term strategic partner. The aim is for the successes of exploration activity to be translated into specific development and production projects.
Source: CNA
