ExxonMobil Commenced Exploratory Gas Drilling Offshore Cyprus

SEATTLE (Oil Monster): ExxonMobil Corporation, the leading American oil and gas company, declared that it had started exploratory drilling off the coast of Cyprus. The goal of the natural gas exploration project, which is being carried out in collaboration with Qatar Energy, is to access the region's possible natural gas deposits.

ExxonMobil had said in a previous release that it plans to start drilling in the Electra and Pegasus projects. The company started drilling at the Electra prospect last week, according to confirmation from Cyprus authorities.

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Leading firms have been more interested in exploring natural gas in the eastern Mediterranean region, particularly as a result of their efforts to acquire alternate energy sources in order to lessen their reliance on Russian supply. It should be mentioned that in recent years, the Eastern Mediterranean region has reported massive natural gas recoveries. In 2017, ExxonMobil obtained exploring licenses in Cyprus.

Cyprus has been working to establish itself as one of the EU's top gas suppliers. As part of these efforts, the country has been exploring collaboration opportunities with Egypt. However, a significant obstacle to regional advances has been the region's disagreements with Turkey. Despite being outside of Turkey's sphere of influence, the area where ExxonMobil conducts its drilling operations is probably going to be affected by territorial issues.