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    Home > Finance > ExxonMobil drill off Cyprus fails to find gas in commercial amounts-Ministry
    Finance

    ExxonMobil drill off Cyprus fails to find gas in commercial amounts-Ministry

    Published by Global Banking & Finance Review®

    Posted on April 14, 2025

    1 min read

    Last updated: January 24, 2026

    ExxonMobil drill off Cyprus fails to find gas in commercial amounts-Ministry - Finance news and analysis from Global Banking & Finance Review
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    Quick Summary

    ExxonMobil's Cyprus drilling at Elektra-1 found non-commercial gas. The consortium evaluates future plans while moving to Pegasus-1 for more exploration.

    ExxonMobil's Cyprus Drill Finds Non-Commercial Gas

    NICOSIA (Reuters) - An exploration drill by ExxonMobil offshore Cyprus has failed to find commercial quantities of natural gas, the island's energy ministry said on Monday. 

    Drilling operations had been completed at the Elektra-1 well in Block 5 of the exclusive economic zone (EEZ) of Cyprus, it said.

    "Well data and preliminary evaluation work indicate the presence of natural gas in non-commercial quantities," the Ministry of Energy, Commerce and Industry said. 

    ExxonMobil executives had previously described the prospect, based on seismic data assessments, as promising. 

    The drill was conducted by a consortium of ExxonMobil Exploration and Production Cyprus as operator, and with QatarEnergy Internation E&P LLC.

    According to the operator's early assessment post-drilling, Elektra-1 yielded encouraging results, confirming the existence of a hydrocarbon system and good quality reservoirs. 

    The data collected during the drilling operations was being evaluated to determine the consortium's future plans in Block 5, the energy ministry said. 

    A drillship deployed by the consortium would now move to another block in Cyprus's EEZ to conduct exploration drilling at another well, named Pegasus-1.

    (Reporting By Michele Kambas; Editing by Chizu Nomiyama)

    Key Takeaways

    • •ExxonMobil's drill in Cyprus found non-commercial gas.
    • •The Elektra-1 well was drilled in Block 5 of Cyprus's EEZ.
    • •Preliminary data confirms a hydrocarbon system exists.
    • •Further evaluation will determine future exploration plans.
    • •A drillship will move to Pegasus-1 for further exploration.

    Frequently Asked Questions about ExxonMobil drill off Cyprus fails to find gas in commercial amounts-Ministry

    1What is the main topic?

    The article discusses ExxonMobil's unsuccessful attempt to find commercial quantities of natural gas off the coast of Cyprus.

    2What were the results of the drilling?

    The drilling at Elektra-1 well found natural gas in non-commercial quantities, confirming a hydrocarbon system.

    3What are the future plans for exploration?

    The consortium is evaluating data to decide future plans and will conduct further exploration at Pegasus-1.

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