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)

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.