Yestreday, Mr Nikos Christodoulides, The President of the Republic of Cyprus held a videoconference with Mr John Ardill, the Vice President of ExxonMobil, in the presence of the Minister of Energy, Commerce and Industry of the Republic of Cyprus, Mr George Papanastasiou, and the Country Manager of ExxonMobil Cyprus, Mr Varnavas Theodossiou. President Christodoulides was briefed on the new natural gas discovery made at “Pegasus-1” well, in Block 10 of the Exclusive Economic Zone (EEZ) of the Republic of Cyprus.

The discovery follows the successful completion of drilling operations conducted by the consortium of ExxonMobil Exploration and Production Cyprus (Offshore) Limited (Operator) and QatarEnergy International E&P LLC.

The “Pegasus-1” well, located about 190 kilometres offshore southwest of Cyprus, indicated approximately 350 metres of gas-bearing reservoir. The well was safely drilled by the “Valaris DS-9” drillship in 1,921 metres of water.

This is the second gas discovery made in Block 10 by ExxonMobil and QatarEnergy, following the discovery at the “Glaucus-1” well, announced in February 2019. The “Glaucus-2” appraisal well, completed in March 2022, confirmed the existence of high-quality gas-bearing reservoir.

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