ExxonMobil is proceeding with a "Declaration of Commerciality" for its natural gas discoveries in Block 10 of Cyprus's Exclusive Economic Zone (EEZ).
The announcement followed a meeting between company Vice President John Ardill and Cypriot President Nikos Christodoulides. The company targets commercializing the gas deposits between 2030 and 2035.
Discussions also covered ExxonMobil's future plans for Blocks 5 and 10. ExxonMobil expressed interest in exploring additional new acreage. The Cypriot government views ExxonMobil's continued activity as a significant vote of confidence in the region's energy potential.