ExxonMobil and Qatar Energy have commenced a new drilling campaign in Cyprus's exclusive economic zone (EEZ) to tap into the Mediterranean island’s significant offshore gas reserves. The operation, which started at the "Elektra-1" target in Block 5, underscores Cyprus's ambition to become a reliable alternative source of natural gas for Europe.

Cypriot President Nikos Christodoulides announced the development on social media, emphasizing the importance of the exploration in bolstering energy security for the European Union amid ongoing efforts to diversify energy sources following Russia’s invasion of Ukraine. The energy ministry confirmed that the drillship Valaris DS-9 is leading the operation, further advancing the exploration agenda in the region.

ExxonMobil and Qatar Energy already hold two exploration licenses off Cyprus, including Block 10, where a massive natural gas reserve holding an estimated 142 to 227 billion cubic meters was discovered in 2019. A new appraisal drill in Block 10 is also planned to assess the potential reserves further. These developments are expected to provide clarity on commercial options by mid-2025, according to John Ardill, ExxonMobil’s Vice President for Global Exploration.

Efforts are underway to align discoveries across blocks held by different consortia to ensure the commercial viability of Cyprus’s natural gas resources. ExxonMobil is reportedly in talks with a consortium of Italy’s Eni and France’s Total, which holds licenses for seven of the 13 exploration blocks south of Cyprus. Meanwhile, a separate consortium led by Chevron and Shell is drilling an appraisal well in the Aphrodite gas field, discovered in Block 12 in 2011.

Regional collaboration also plays a crucial role in Cyprus's energy ambitions. Cypriot Energy Minister George Papanastasiou announced that President Christodoulides would sign a host government agreement with Egypt on February 17 in Cairo. This agreement will facilitate the processing of gas from the Cronos field, licensed to Eni-Total, with Egypt acting as the host country for the natural gas. Additionally, a memorandum of understanding will be signed between Cyprus, Egypt, and the operator of the Aphrodite gas field to further enhance bilateral energy cooperation.

While Cyprus aims to begin domestic gas production by 2027, the island’s longstanding geopolitical issues persist. Turkey, which occupies the northern part of Cyprus, opposes commercial production without a resolution to the island's division, a conflict dating back to 1974.

With significant gas finds and ongoing regional partnerships, Cyprus is positioning itself as a key player in the Mediterranean's energy landscape, contributing to Europe’s quest for energy security and sustainability.