ExxonMobil and Qatar Energy International have made an important natural gas discovery under the seabed south of Cyprus. Buoyed by their previous success, the consortium made an exciting discovery in the Pegasus-1 well. This exploratory well was drilled approximately 190 kilometers (118 miles) southwest of the island nation. This find marks the sixth natural gas deposit discovered within Cyprus’ economic zone over the past 14 years, reinforcing the region’s potential as an energy exporter.
The Pegasus-1 well is down to 1,921 meters (6,302 feet). John Ardill, ExxonMobil’s Asia Pacific vice president, was the lead on a recent teleconference briefing. He joined Cypriot President Nikos Christodoulides to discuss what this discovery might mean. At the start of the call, Ardill said essential to any good discovery. This discovery has the potential to greatly improve Cyprus’ standing in the energy solar industry.
This is a great and surprising discovery! The Pegasus-1 well is located near other recent discoveries, including the Glaucus-1 well, discovered in 2019 in the same Block 10. The Glaucus-1 well has a rather spectacular estimate of around 3.7 trillion cubic feet of gas in it. This find illustrates the region’s wealth of hydrocarbon resources.
The Cypriot government is obviously looking for ways to have these gas deposits jointly developed. ExxonMobil, Eni, and Total could work together to develop these resources, with the fields’ proximity to each other making it more economic to do so. This cooperative approach could serve to unify efforts, making it easier to convert the region’s legendary energy potential into reality.
These agreements with Egypt are a key piece of this developing energy landscape. Once extracted, the gas from the Cronos and Aphrodite fields will be transported to Egypt through a pipeline. This gas can be utilized domestically or processed at Egyptian facilities for export to Europe and other markets, enhancing energy security in the region.
John Sitilides, a geopolitical analyst with the National War College, discussed the wider implications of these developments for Europe.
“Washington and Brussels would be wise to support this hydrocarbon network to develop a greater measure of critical energy independence for Europe’s hopeful re-industrialization.” – John Sitilides
This latter assertion highlights the geopolitical value of energy independence, as Europe tries to chart its path through an uncertain energy future.
