Key takeaways:
- ExxonMobil’s exploratory drill off the coast of Cyprus failed to find commercially viable quantities of natural gas.
- The disappointing results deal a blow to Cyprus’ hopes of developing its offshore energy resources and becoming a regional gas hub.
- Despite the setback, the Eastern Mediterranean remains an area of significant interest for energy companies due to recent major gas discoveries.
Detailed Analysis
ExxonMobil’s recent exploratory drilling in the Exclusive Economic Zone (EEZ) of Cyprus has failed to yield commercially viable quantities of natural gas, the country’s energy ministry announced on April 141. The results represent a setback for Cyprus’ ambitions to develop its offshore energy resources and position itself as a regional gas hub in the resource-rich Eastern Mediterranean.
The US energy giant had high hopes for the Elektra-1 well in Cyprus’ Block 5, located southwest of the island near the maritime border with Egypt. Initial seismic data assessments had suggested the prospect was promising. However, the well encountered only non-commercial levels of gas after drilling to a depth of over 13,000 feet1.
ExxonMobil Vice President Tristan Aspray noted that while the results were “encouraging” in confirming an active petroleum system and quality reservoirs, the find ultimately did not meet commercial thresholds1. The company plans to evaluate the data collected during the drilling operations to determine its next steps in Block 5.
For Cyprus, the failed exploration is a disappointment after significant offshore gas discoveries in recent years had raised expectations. In 2019, ExxonMobil itself announced a “world-class” gas discovery in the Glaucus-1 well, also in Block 10, estimated to hold between 5-8 trillion cubic feet of natural gas2. Other major finds in Cypriot waters include Eni and Total’s Calypso prospect and the Aphrodite gas field.
The Cypriot government had hoped that developing these resources could help establish the island as an energy hub and provide an alternative source of natural gas for Europe. However, tensions with Turkey over maritime claims in the region have complicated efforts to advance exploration and development plans3.
“This is the biggest find so far in Cyprus, and based on some official data it is one of the biggest finds worldwide in the past two years,” said Cypriot Energy Minister Georgios Lakkotrypis after the 2019 Glaucus discovery2.
Despite the latest setback, the broader Eastern Mediterranean remains an area of intense interest for international energy companies. Major gas discoveries like Egypt’s Zohr, one of the largest ever in the Mediterranean, and Israel’s Leviathan have highlighted the region’s vast potential4. Continuing exploration efforts could yield new commercially viable finds to meet rising global energy demand.
Conclusion
While disappointing, ExxonMobil’s failed gas exploration off Cyprus is unlikely to deter energy companies from maintaining a keen interest in the Eastern Mediterranean’s untapped resources. The region has already yielded several massive discoveries in recent years. However, the setback does deal a blow to Cyprus’ hopes of rapidly developing its offshore resources and leveraging them to establish the island as a regional energy hub and supplier to Europe. Geopolitical tensions over maritime territories and rights also remain a complicating factor. As exploration efforts continue, all stakeholders will be monitoring closely for the next breakthrough that could reshape the regional energy landscape.
References
1 Reuters (2025, April 14). “ExxonMobil drill off Cyprus fails to find gas in commercial amounts-Ministry”. Reuters.com. Retrieved April 14, 2025.
2 Daily Sabah with Agencies (2019, February 28). “Exxon Mobil discovers huge natural gas reserve off Cyprus”. DailySabah.com. Retrieved April 14, 2025.
3 The Maritime Executive (2019, February 28). “ExxonMobil Discovers Large Gas Field Off Cyprus”. Maritime-Executive.com. Retrieved April 14, 2025.
4 Offshore Staff (2022, March 26). “ExxonMobil confirms commercial discovery off Cyprus”. Offshore-Mag.com. Retrieved April 14, 2025.
5 Peter Stevenson (2025, April 11). “Cyprus Gas Dreams Take Hit As Exxon’s Elektra Well Flops”. MEES.com. Retrieved April 14, 2025.
