On 08th July 2025, ExxonMobil has announced the
discovery of a substantial offshore natural gas reservoir in the Eastern
Mediterranean, near the island nation of Cyprus. This latest find was made in
Block 10 of Cyprus’s Exclusive Economic Zone (EEZ), where the U.S. energy giant
has been conducting exploratory drilling in partnership with QatarEnergy.
According to preliminary data, the newly
identified reservoir contains considerable quantities of natural gas,
reinforcing the region’s potential as a future energy hub. While the exact
volume of the discovery has not yet been disclosed, ExxonMobil stated that the
results of the initial drilling are encouraging and warrant further evaluation
and testing.
This discovery adds to a growing list of
hydrocarbon finds in the Eastern Mediterranean, a region that has seen
increasing exploration activity over the last decade. Cyprus, along with
neighboring countries such as Egypt and Israel, has been working to capitalize
on these resources to bolster its energy independence and economic development.
The Cypriot Ministry of Energy welcomed
the announcement, noting that the find could significantly enhance the
country’s strategic importance in the global energy market. Minister of Energy
George Papanastasiou emphasized the role that such discoveries could play in
advancing energy security for both Cyprus and the broader European region,
especially in the context of shifting global energy dynamics.
ExxonMobil and QatarEnergy previously
discovered the “Glaucus” reservoir in Block 10 in 2019, which was also
estimated to hold significant quantities of natural gas. The latest find could
bolster development plans for the area and accelerate the timeline for
commercial production, though technical and geopolitical challenges remain.
The discovery is also seen as a step
forward for the European Union’s strategy to diversify its energy sources and
reduce dependence on Russian gas. Cyprus is strategically positioned to serve
as a key link in supplying natural gas to Europe, either through pipelines or
liquefied natural gas (LNG) exports.
Further appraisal work will be conducted
in the coming months to determine the full potential of the reservoir and to
design the most viable development plan. ExxonMobil reiterated its commitment
to continuing its exploration and investment efforts in Cyprus, working closely
with local authorities and regional partners.
The discovery is
being closely watched by the global energy sector and could mark a pivotal
moment for Cyprus’s aspirations to become a regional energy player.