ExxonMobil, Eni, Total in Talks To Develop Cyprus Offshore Gas [Video]

ExxonMobil is in discussions with a consortium led by Italy’s Eni and France’s Total to jointly develop substantial gas deposits discovered off Cyprus’ southern coast, according to Cypriot energy minister George Papanastasiou.

The collaboration could accelerate the commercialization of the reserves, potentially enhancing Europe’s energy security amid the ongoing energy crisis triggered by Russia’s invasion of Ukraine.

The partnership centers on discoveries made in the region’s offshore fields, specifically in Cyprus’ Block 6 and Block 10.

ExxonMobil’s planned drilling of a new exploratory well, called Pegasus, is seen as a key step in advancing the joint development of the gas fields.

What will ExxonMobil, Eni and Total Collaboration Mean for Gas Exploration?

If Pegasus hits a good amount of hydrocarbon …