"The geological structures we observe at 'Electra' look promising," Papanastasiou said. However, he emphasized, "you can’t confirm optimism until you drill, and that’s why we are moving forward."
Drilling Program and Targets
The ExxonMobil rig, in partnership with Qatar Energy, will conduct two drillings: one at the "Electra" target in Block 5 and another at the "Pegasus" target in Block 10. The rig, recently operating in Egypt’s EEZ, is transitioning to Cyprus to support the continuation of its drilling programme.
The "Pegasus" target, located near the "Glafcos" discovery in Block 10, is a fresh exploration rather than an appraisal drilling. Initial assessments suggest potential natural gas deposits ranging between 10 trillion cubic feet and 30 trillion cubic feet. If verified, Papanastasiou noted, "it would be a significant deposit."
Energy Developments in Cyprus
The drilling programme is part of a broader effort to accelerate energy exploration and development in Cyprus. The Energy Ministry expects imminent updates on the development and production plan for the "Cronos" site from the Eni and Total consortium.
Meanwhile, Chevron, Shell, and New Med Energy are awaiting Cyprus' feedback on their preliminary plan for the "Aphrodite" gas field. A detailed version is expected within the next two weeks.
"From the first day we took office, we’ve worked to set things in motion, and these developments are the results of those efforts," Papanastasiou said.
Electricity Interconnection with Greece
In addition to energy exploration, the Energy Minister is working on advancing the Greece-Cyprus electricity interconnection project (GSI). Papanastasiou met with Greek Energy Minister Theodoros Skylakakis in Athens to discuss Cyprus’ potential role as a shareholder in the project.
The interconnection project aims to enhance energy security and integrate the two countries’ electricity grids. "We’re consulting to understand the positions of all stakeholders," Papanastasiou noted, highlighting the critical observations from advisors that must be addressed to move forward.
Aiming for Energy Independence
The Republic of Cyprus has ramped up efforts to position itself as a key player in the Eastern Mediterranean energy landscape. With promising geological data, an ongoing energy programme, and collaboration with regional partners, Cyprus hopes to strengthen its energy independence and contribute to Europe’s energy diversification.
The drilling at "Electra" marks another step toward uncovering the region’s natural gas potential, with expectations high for what the results might reveal.
