ExxonMobil Launches 'Promising' Exploration Well Off Cyprus

The Wolf Moon is shown over the capital Nicosia in the southeast island of Cyprus, Wednesday, Jan. 15, 2025. (AP Photo/Petros Karadjias)
The Wolf Moon is shown over the capital Nicosia in the southeast island of Cyprus, Wednesday, Jan. 15, 2025. (AP Photo/Petros Karadjias)
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ExxonMobil Launches 'Promising' Exploration Well Off Cyprus

The Wolf Moon is shown over the capital Nicosia in the southeast island of Cyprus, Wednesday, Jan. 15, 2025. (AP Photo/Petros Karadjias)
The Wolf Moon is shown over the capital Nicosia in the southeast island of Cyprus, Wednesday, Jan. 15, 2025. (AP Photo/Petros Karadjias)

ExxonMobil and Qatar Energy on Friday began exploratory drilling for natural gas in a prospect west of Cyprus, Cyprus President Nikos Christodoulides said on X.
The east Mediterranean has yielded some major gas discoveries in recent years, and a disruption in energy supplies from Russia after its 2022 invasion of Ukraine has sharpened Europe's attention on securing alternative sources of supply.
"Cyprus progresses exploration activities, aiming to be an alternative and reliable source of natural gas for the EU," Christodoulides wrote in his post.
According to Reuters, he said drilling at the prospect, named Electra, got underway on Friday morning.
ExxonMobil executives have previously described Electra as 'highly promising'.
The company secured hydrocarbon exploration licenses for Cyprus in 2017. Other multinationals in the region include US's Chevron (CVX.N), opens new tab, Italy's Eni (ENI.MI), opens new tab and France's TotalEnergies (TTEF.PA).
Cyprus has made modest finds offshore compared to sizeable discoveries by neighbors Egypt and Israel. It has not yet put any gas into production.
The Mediterranean island nation is divided with the internationally-recognized government in the south and a breakaway Türkiye-backed administration in the north.
Cyprus's drilling activities are being closely monitored by Ankara, a Turkish defense ministry official said. The area being drilled lies outside continental shelf boundaries declared by Türkiye, they added.
Cyprus and Türkiye do not have diplomatic relations, and past exploration efforts have exposed disputes and overlapping claims.



Gold Extends Gains as Trump Tariffs Fuel Safe Haven Flows

Gold bars from the vault of a bank are seen in this illustration picture taken in Zurich November 20, 2014. REUTERS/Arnd Wiegmann/File Photo
Gold bars from the vault of a bank are seen in this illustration picture taken in Zurich November 20, 2014. REUTERS/Arnd Wiegmann/File Photo
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Gold Extends Gains as Trump Tariffs Fuel Safe Haven Flows

Gold bars from the vault of a bank are seen in this illustration picture taken in Zurich November 20, 2014. REUTERS/Arnd Wiegmann/File Photo
Gold bars from the vault of a bank are seen in this illustration picture taken in Zurich November 20, 2014. REUTERS/Arnd Wiegmann/File Photo

Gold prices rose for a second straight session on Tuesday, but traded below the recent all-time highs, as uncertainty around US President Donald Trump's tariff plans continued to fuel economic growth concerns and safe haven flows into bullion.

Spot gold gained 0.6% at $2,913.79 an ounce as of 0714 GMT. It hit a record high of $2,942.70 last week.

US gold futures added 0.9% to $2,925.50.

"Trump's disruptive modus operandi, aggressive rhetoric and tariffs - whether actual or threatened - could unravel global trade and intricate supply chains," said Nikos Tzabouras, senior financial writer at trading platform Tradu, Reuters reported.

"With uncertainty surrounding the global economy and the broader geopolitical landscape in the Trump 2.0 era, gold is set to remain a natural beneficiary of risk-off flows and central bank buying."

Since taking office last month, Trump has swiftly redrawn the global trade battlefield with a series of tariffs, while plans are already in motion for sweeping reciprocal tariffs, aimed squarely at any nation that taxes US products.

"Gold continues to benefit from the uncertainty surrounding the US. government's tariff policy. Central bank buying should also continue to provide support, even if there is no new data on this," Commerzbank analysts said in a note.

The market's focus has now shifted to the US Federal Reserve's January meeting minutes due on Wednesday for clues into the central bank's interest rate trajectory.

"Price gains are also supported by growing expectations that the Fed will cut rates in 2025 - a sentiment that gained further traction among traders after last week's disappointing US retail sales figures," Ricardo Evangelista, senior analyst at brokerage firm ActivTrades, said.

Bullion benefits from geopolitical and economic uncertainties, as well as rising price pressures, but higher interest rates diminish the asset's allure.

Spot silver fell 0.9% to $32.50 an ounce. Platinum jumped 0.9% to $985.20 and palladium climbed 1.6% to $978.00.