ExxonMobil is set to begin drilling a new natural gas well off the coast of Cyprus in January 2024 as part of its ongoing efforts to develop the region's energy resources, Reuters reports. This move underscores the increasing focus of major energy companies on the eastern Mediterranean, particularly as Europe seeks to diversify energy supplies in response to disruptions caused by the 2022 invasion of Ukraine.

ExxonMobil, which has held exploration rights in Cyprus since 2017, made its first natural gas discovery in 2019 at the Glaucus well. Building on this success, the company plans to drill two additional wells in 2024, named Pegasus and Electra. According to John Ardill, ExxonMobil’s Vice President for Global Exploration, the Electra prospect is particularly promising.

"We've spent the past two years gathering extensive three-dimensional seismic data," Ardill stated during a conference in Nicosia. "This has allowed us to identify several substantial prospects. The next phase involves deploying a drilling rig to test these areas."

Ardill confirmed that drilling for the first well is scheduled to commence in mid-January, expressing optimism: "We are very enthusiastic about the upcoming operations."

ExxonMobil operates in Cyprus in partnership with Qatar Energy, holding exploration licenses for two offshore blocks. Other energy giants, including Chevron, Eni, and TotalEnergies, are also active in the region, further highlighting the eastern Mediterranean's growing strategic importance.

Cyprus’s Energy Minister, George Papanastasiou, recently indicated that the country is considering a new licensing round for offshore exploration.