ExxonMobil Schedules Drilling Activity Offshore Cyprus in 2025 [Yahoo! Finance]
Exxon Mobil Corporation (XOM)
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Source: Yahoo! Finance
Since the Russian invasion of Ukraine in 2022, many major energy companies have been trying to explore new energy reserves in the Mediterranean region in an attempt to diversify from Russia. Many oil-producing companies have been eyeing the East Mediterranean region, where many natural gas discoveries have been made in recent years. Following the invasion of Ukraine, Europe witnessed energy supply disruptions and moved toward finding new resources to ensure the region's energy security. ExxonMobil secured exploration licenses in Cyprus in 2017. The company made a significant gas find in 2019 at a well named Glaucus. The drilling activity, scheduled for next year, includes two wells, namely Pegasus and Electra. Per a senior executive at XOM, the Electra well is anticipated to yield promising results. Electra is located in Block 5, one of Cyprus' 13 offshore exploration areas. According to Reuters, Electra has a huge prospect of becoming a standalone development. This means that i
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