The President of the Republic of Cyprus held a videoconference with the Vice President of ExxonMobil - REPUBLIC OF CYPRUS PRESIDENCY

07/07/25 18:17  |  Press release  |  Energy, Commerce and Industry, Government Spokesperson, President of the Republic / Presidency

During today’s videoconference between the President of the Republic of Cyprus, Mr Nikos Christodoulides, and the Vice President of ExxonMobil, Mr John Ardill, in the presence of the Minister of Energy, Commerce and Industry of the Republic of Cyprus, Mr George Papanastasiou, and the Country Manager of ExxonMobil Cyprus, Mr Varnavas Theodossiou, President Christodoulides was briefed on the new natural gas discovery made at “Pegasus-1” well, in Block 10 of the Exclusive Economic Zone (EEZ) of the Republic of Cyprus.

The discovery follows the successful completion of drilling operations conducted by the consortium of ExxonMobil Exploration and Production Cyprus (Offshore) Limited (Operator) and QatarEnergy International E&P LLC.

Latest gas drilling ‘very optimistic’ - CYPRUS MAIL

Monday 07 July | 19:40

By Elias Hazou

Drilling at the Pegasus-1 well has detected a 350-metre column of natural gas, the government announced on Monday, giving no more clues about the significance of the find – but separately sources told the Cyprus Mail that the “news from Pegasus is good”.

In a written statement after an afternoon conference call between President Nikos Christodoulides and Vice President of Global Exploration at ExxonMobil John Ardill, the government said another discovery of natural gas has been made at the Pegasus-1 site in Block 10 of Cyprus’ exclusive economic zone (EEZ).

“The Pegasus-1 well… indicated approximately 350 metres of gas-bearing reservoir,” government spokesman Konstantinos Letymbiotis said.

Drilling had been carried out by the Valaris DS-9 rig at a distance of 190km southwest of the island, and at a depth of 1,921m.

“Further assessment will be required in the coming months to evaluate the results.”