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.
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 licences for Cyprus in 2017. Other multinationals in the region include U.S.'s Chevron (CVX.N), Italy's Eni (ENI.MI), and France's TotalEnergies (TTEF.PA).
Cyprus has made modest finds offshore compared to sizeable discoveries by neighbours Egypt and Israel. It has not yet put any gas into production.
Co-operation on joint infrastructure projects for transport of natural gas was the focus of talks held in Nicosia on Friday between Cyprus's Energy Minister George Papanastasiou and Egypt's Petroleum Minister, Karim Badawi.
The infrastructure could be part of a new energy corridor to Europe, Cyprus's energy ministry said in a news release.
U.S. President Donald Trump on Thursday addressed global leaders at the World Economic Forum in Davos, Switzerland, promising his second term will forgo free market norms inside the U.S. and out.
Cyprus's drilling activities are being closely monitored by Ankara, a Turkish defence ministry official said. The area being drilled lies outside continental shelf boundaries declared by Turkey, they added.
Cyprus and Turkey do not have diplomatic relations, and past exploration efforts have exposed disputes and overlapping claims.
The Mediterranean island nation is divided with the internationally-recognised government in the south and a breakaway Turkey-backed administration in the north.
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