The return of a drilling rig to Cyprus this coming December to conduct additional drilling operations and tests at the Pegasus field, was announced on Tuesday by ExxonMobil’s head of global exploration, John Ardill, following a meeting with President Nicos Christodoulides at the Presidential Palace, in the presence of Energy Minister Michalis Damianou.
This work will help chart the course for the submission of the field’s development and production plan next year, which is an important next step in advancing the project, he said in remarks following the meeting.
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For his part, the Minister of Energy stated that everything is proceeding according to the previously established timelines, with a final investment decision for Glafkos and Pegasus expected in 2029 and first natural gas production in 2033.
Mr. Ardil said they are “particularly pleased” to be returning to Cyprus, following the declaration of commercial viability for the Glafkos-Pegasus field earlier this year. “We have returned to brief the President of the Republic and his team on the progress we have made over the course of the year, as well as on our future plans,” he added.
“I am pleased to announce that a drilling rig will return to Cyprus this coming December so that we can carry out additional drilling operations and tests at the Pegasus field,” he said. He noted that this work will help chart the course for the submission of the field’s development and production plan next year, “which is an important next step in advancing the project.”
In addition, he said, new seismic surveys will be conducted early next year. “Therefore, we have a significant work program ahead of us,” added Mr. Ardil, noting that they have been working with the Ministry and the Minister’s team to ensure full coordination and that the work will proceed as quickly as possible.
In his own remarks, Mr. Damianos stated that they had “a very constructive meeting” with the ExxonMobil delegation, during which they were briefed on developments at Glaukos and Pegasus.
“As you have heard, we are also moving forward with new drilling operations later this year, in December, and we were also briefed on the latest developments in the EEZ itself,” he said. There was obviously also a discussion regarding Blocks 4 and 10A, the Minister of Energy added.
“Everything is proceeding according to the previously established timelines, with a final investment decision expected in 2029 and first natural gas production in 2033,” he noted.
Responding to a question, Mr. Damianos noted that the final investment decision concerns Glafkos and Pegasus.
When asked whether an agreement had been reached regarding Blocks 4 and 10A or whether specific timelines had been set for when they would be made available for development, the Minister of Energy said that at this time “we are in the legal phase of exchanging views regarding the signing of the various contracts based on our own criteria,” adding that there are 2–3 months during which there is time “for these agreements to be signed so that these projects can move forward as well.” But obviously, he continued, the priority is Glaukos and Pegasus, with the timelines we’ve outlined.
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Source: KYPE
