ExxonMobil – Cypriot EEZ: Massive Natural Gas Reserves of 8–9 Trillion Cubic Feet

New energy dynamics are emerging in the Eastern Mediterranean, as preliminary findings by ExxonMobil in the Cypriot Exclusive Economic Zone (EEZ) suggest the presence of significant natural gas reserves. According to early estimates, the “Pegasus” and “Glaucus” blocks may hold between 8 to 9 trillion cubic feet (tcf) of natural gas.

This important update was conveyed to President of the Republic of Cyprus, Nikos Christodoulides, during a meeting in New York with ExxonMobil Vice President John Ardill, as confirmed by Government Spokesman Konstantinos Letymbiotis.

“According to the initial data, and combined with the Glaucus discovery, the amount of natural gas could reach 8 to 9 trillion cubic feet. This is very positive news from ExxonMobil,” Letymbiotis stated.

Accelerated Development – Aiming for Lower Energy Costs

President Christodoulides expressed both satisfaction with the ongoing cooperation and a clear message: Cyprus is seeking the fastest possible extraction and utilization of its energy resources, with a primary goal to reduce energy costs for Cypriot households and businesses.

“We remain fully committed to implementing our national energy strategy,” said the spokesperson, emphasizing that the involvement of major global players like ExxonMobil constitutes a strong vote of confidence in Cyprus’s energy potential.

Energy Equals Geopolitical Leverage: Cyprus on the Rise

This discovery comes at a critical time, as energy security and diversification have become top priorities for the European Union. With these reserves, Cyprus stands to significantly strengthen its geopolitical and strategic relevance, not only as a gas producer but also as a potential energy hub connecting the Eastern Mediterranean to Europe.

“There was a very concrete discussion about next steps. In the coming period, specific actions and timelines are expected from ExxonMobil,” Letymbiotis confirmed, signaling the shift from exploration to implementation.

Strategic Implications – For Cyprus and Europe

The development of the Pegasus and Glaucus fields could deliver major benefits:

• Energy self-sufficiency for Cyprus and the wider region
• Reduced EU dependence on Russian gas
• Boost to Cyprus’s economy and public revenues
• Strengthened strategic ties with the U.S. and EU

From Potential to Power

The positive findings in the Cypriot EEZ are not just technical milestones — they mark a strategic opportunity for Cyprus to reshape its energy role, bolster its economic resilience, secure affordable energy, and elevate its geopolitical footprint in a rapidly changing region.

Source: pagenews.gr