ExxonMobil launches 'promising' exploration well off Cyprus, President says - REUTERS

NICOSIA, Jan 24 (Reuters) - ExxonMobil (XOM.N) 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.

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).

Egypt and Eni-Total consortium to sign deal on processing Cypriot natural gas for export - ASSOCIATED PRESS

January 24, 2025
MENELAOS HADJICOSTIS

NICOSIA, Cyprus (AP) — Egypt and a consortium made up of energy companies Total of France and Italy’s Eni will next month sign a key agreement to transport natural gas from an undersea deposit inside Cypriot waters to Egypt where it will be liquefied and processed for export, officials said Friday.

Cypriot Energy Minister George Papanastasiou described the agreement as “most significant” because it allows the consortium to sort out all the technical details on how to get the gas from the Cronos gas deposit to Egyptian processing plants for liquefaction and eventual export to markets including Europe.

Papanastasiou said the Eni-Total consortium, which holds exploratory licenses for seven of 13 areas or blocks inside Cyprus’ offshore economic zone, will make a final decision on how it will extract and convey the gas before the summer this year.

A recent assessment indicates that Cronos is estimated to hold more than the Aphrodite deposit, the first major discovery inside Cypriot waters which is estimated to contain 4.2 trillion cubic feet of gas.

The so-called host-government agreement will be signed at Egypt’s energy summit that will be held between Feb. 17-19, said Egyptian Oil Minister Kadim Badawi, who met earlier with Cypriot President Nikos Christodoulides.

Energean seals $2 billion natural gas sale deal to supply Israel’s Dalia power plants - THE TIMES OF ISRAEL

23/1/2025
Sharon Wrobel

British-Greek oil and gas company Energean said Thursday it inked an agreement to supply natural gas to Israeli private energy producer Dalia Power Energies in a deal worth $2 billion, as it expects higher production in 2025 bolstered by increased electricity demand in the country.

As part of the deal, Energean will supply natural gas of up to 12 billion cubic meters (bcm) for a period of 18 years from the Karish natural gas field located off Israel’s Mediterranean coast to Dalia Power’s Dalia and Eshkol power plants. Dalia Power Energies supplies about 16% of Israel’s electricity produced from natural gas, according to its website.

“Over the past year we have agreed more than $4 billion in new long-term gas sales agreements in Israel, including the new $2 billion binding terms with Dalia Energy… bringing the total contract value close to $20 billion,” said Energean CEO Mathios Rigas. “With the region’s gas demand continuing to grow from increasing electricity demand and the phasing out of coal, we are well positioned to add new long-term agreements, including potential export contracts, to further grow sales.”

Cyprus issues Navtex for drilling in block 5 of EEZ - CYPRUS MAIL

Sunday 19 January | 17:18

Cyprus issued a Navtex on Sunday in relation to the start of drilling at the ‘Electra’ field, in bloc 5 of the Cypriot exclusive economic zone (EEZ).

According to the Joint Rescue Coordination Centre (JRCC), the Navtex came into force from January 19, until June 19, 2025 with the drillship VALARIS DS-9 conducting the operations.

Speaking to the Cyprus News Agency, Energy Minister George Papanastasiou, said that the VALARIS DS-9 drillship is in Block 5, confirming that the Navtex in question relates to drilling in Block 5 and specifically the ‘Electra’ field.

Papanastasiou reminded that EXXON MOBIL is active in Block 5 in a joint venture with Qatar Energy.

Asked if there is a timetable for the start of drilling, Papanastasiou said that this depends on the positioning of the drilling rig, which should be set at the right coordinates with the target being in the centre of the drill, which, according to the Energy Minister, also depends on the weather conditions.

Papanastasiou estimated that the timeframe stipulated in the issued Navtex for bloc 5 would not need to be exhausted. He added that the drilling results are expected to be known at the end of February, while an official announcement will be made at the end of March, following an evaluation, on the quantities of the deposit.