Plans for further natural gas drilling in Cyprus’ gas-bearing blocks 5 and 10, as well as the prospect of expanding cooperation with US energy giant ExxonMobil, were discussed at the Presidential Palace on Friday.

President Nikos Christodoulides met with ExxonMobil vice president John Ardill, during which the president said gas reserves in the Glaucus and Pegasus deposits of block 10 could amount to between 6 and 9 trillion cubic feet.

“The reason there is this range is that we do not yet have the second confirmatory well on Pegasus. Once we have that, the range will be narrowed. What we do know, however, at this stage is that we have sufficient quantities of natural gas to proceed with development,” Ardill said.

The president commended the government’s cooperation with ExxonMobil, pointing to the company’s successful drillings in the Cypriot EEZ, which in September 2025 confirmed “sizeable quantities” of natural gas in block 10.

Ardill emphasised that Cyprus-based operations have been successful, recalling the first discovery of the natural gas block Glaucus in 2019, followed by Pegasus in 2025.

“The next step for our collaboration is to examine the routes through which these two fields can be led to development. And that was precisely the topic of today’s discussion,”he said.

During his meeting with the president, Ardill presented ExxonMobil’s plan to promote the gas deposits, with preparations to proceed with the natural gas extraction and its commercialisation of the quantities gathered in block 10 currently underway

“[The first step] that we have immediately ahead of us is the Declaration of Marketability. We will examine this issue in the first half of the year, aiming for around April. We are already working on both sides to achieve this important milestone. This essentially puts us on the path to growth,” he said.

The final investment decision will be preceded by the front and end engineering and design, with a possible start of production estimated soon after, Ardill added.

According ExxonMobil production could start between 2030 and 2035, given that the works proceed as planned.

The American multinational ExxonMobil resumed drilling on the island after a break of more than two and a half years in January 2025.

While its first gas extraction works in block 5 remained without success, the company confirmed natural gas findings of 8 to 9 trillion cubic feet in Cyprus EEZ’s Pegasus, Glaucus blocks in September 2025.

Following those discoveries, Christodoulides said the government intended to accelerate the extraction process, aiming to utilise Cyprus’ offshore energy resources as soon as possible in order to help reduce energy costs.