Cypriot energy minister says ExxonMobil is in talks with Italy's Eni and France's Total to develop gas deposits found off the coast of Cyprus.
ExxonMobil is in discussions with a consortium led by Italy's Eni and France's Total to jointly develop substantial gas deposits discovered off Cyprus' southern coast, according to Cypriot energy minister George Papanastasiou.The collaboration could accelerate the commercialization of the reserves, potentially enhancing Europe's energy security amid the ongoing energy crisis triggered by Russia's invasion of Ukraine.
How Much Gas and Oil Is There in the Mediterranean Sea?The proximity of these two fields suggests that a shared infrastructure could link Glaucus and Pegasus if the new well proves to have substantial reserves.Alongside Pegasus, ExxonMobil is also preparing to drill another well, Electra, in Block 5 in January.This block lies north of Block 10 and west of Block 6, further expanding ExxonMobil's footprint in the region's rich gas fields.
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