Greece and Cyprus advance offshore natural gas development plans

Leaders in Greece and Cyprus are advancing plans to develop offshore natural gas reserves to bolster regional energy security.

Greek Prime Minister Kyriakos Mitsotakis announced that exploratory drilling for natural gas, the first in the country since 1970, is expected to begin in spring 2027. A consortium including ExxonMobil and a Greek energy company is slated to lead the project. Mitsotakis emphasized that energy independence is a critical component of Greece’s geopolitical strength.

In Cyprus, President Nikos Christodoulides met with ExxonMobil Vice President John Ardill to discuss accelerating the development of the ‘Pegasus’ and ‘Glaucus’ gas fields. These fields, which ExxonMobil and QatarEnergy hold development rights for, have been declared commercially viable. Christodoulides called for the submission of a production plan as soon as possible to facilitate a final investment decision, noting that domestic gas reserves are a priority for Cyprus’ energy strategy and Europe’s efforts to diversify supply sources.