Cyprus was expected to announce a successful natural gas discovery by ExxonMobil at the “Pegasus” site in offshore Block 10 of the country’s exclusive economic zone, Energy Minister George Papastasiou said Sunday.
Papastasiou, speaking at a policy forum on the island of Nisyros, said the new deposit would be added to Cyprus’s growing inventory of natural gas reserves. “Another good find has been located,” he noted, adding that it would contribute to the broader energy potential of the region.
Officials have begun consultations with energy companies to coordinate extraction and transport strategies. The proposed plan involves consolidating resources and sending them to Egypt for liquefaction and eventual export.
Papastasiou also addressed the trilateral electricity interconnection project linking Cyprus, Greece, and Israel. He said the country’s regulatory authority was preparing a decision to resolve outstanding financial issues concerning the cable infrastructure—aiming for a unified approach from Athens and Nicosia as discussions progress.