President Christodoulides urges swift development of Cyprus natural gas fields with ExxonMobil
President Nikos Christodoulides has called for the rapid development of natural gas reserves in the Pegasus and Glaucus fields off Cyprus, urging ExxonMobil and QatarEnergy to advance plans toward a final investment decision. The call came during a meeting with ExxonMobil’s VP for global exploration, John Ardill, at the United Nations General Assembly in New York. Both fields, declared commercially viable in June, represent a milestone for Cyprus’ energy strategy and its role in regional energy security.
Christodoulides emphasized the importance of utilising Cyprus' domestic natural gas to bolster energy security and diversify Europe's supply routes. ExxonMobil aims to begin production by 2033, pending further drilling, engineering design, and investment approvals. The company is evaluating options for liquefaction, including pipelines to Egypt’s LNG facilities and floating LNG vessels, with a preference for pipeline connections due to existing infrastructure and regional cooperation.
The collaboration between Cyprus, ExxonMobil, QatarEnergy, and regional partners like Egypt, France’s Total, and Italy’s Eni aligns with broader efforts to secure and export Eastern Mediterranean gas to Europe. The project is poised to enhance Cyprus' energy influence and contribute significantly to regional and European energy markets.
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