A drilling rig is expected to return to Cyprus in December to carry out additional drilling and testing at the Pegasus field, John Ardill, head of global exploration at ExxonMobil, announced after a meeting with President Nikos Christodoulides at the Presidential Palace attended by Energy Minister Michalis Damianos.
Ardill said the work would help shape the development and production plan for the field, which is expected to be submitted next year.
He said the company was "very pleased" to be returning to Cyprus following the declaration earlier this year of the commercial viability of the Glaucus-Pegasus discoveries.
"We returned to brief the President of the Republic and his team on the progress made during the year, as well as our future plans," he said.
New seismic surveys planned
Ardill also announced that new seismic surveys will be conducted early next year.
"We have a significant work programme ahead of us," he said, noting that ExxonMobil has been working closely with the ministry to ensure full coordination and the fastest possible progress.
Final investment decision expected in 2029
Damianos described the meeting with the ExxonMobil delegation as "very constructive", saying officials were updated on developments at the Glaucus and Pegasus fields.
"As you have heard, we are moving ahead with new drilling activities this year, in December, and we were also briefed on developments within the EEZ itself," he said.
The minister said discussions also covered offshore Blocks 4 and 10A.
"Everything is progressing according to the agreed timelines, with a final investment decision expected in 2029 and first gas in 2033."
Responding to questions, Damianos clarified that the 2029 final investment decision relates specifically to the Glaucus and Pegasus discoveries.
Asked whether agreements and timelines had been finalised for Blocks 4 and 10A, he said legal consultations on the relevant contracts are ongoing under the criteria set by the Republic of Cyprus.
According to the minister, the agreements are expected to be signed within the next two to three months, allowing procedures to move forward.
He added that the priority remains the development of the Glaucus and Pegasus fields in line with the timelines already announced.
Source: CNA
