ExxonMobil, the world's biggest energy company, said on Wednesday that it has scheduled to offshore hydrocarbons drillings in Cyprus' exclusive economic zone in 2018.
"Operations for two exploration wells are targeted to begin in the second half of 2018 and future steps are dependent on exploration results," ExxonMobil's vice president for Europe, Russia, and the Caspian, Tristan Aspray told a joint press conference with Cypriot Energy Minister Yiorgos Lakkotrypis.
He added that 3D seismic data acquisition had been completed, geophysical data was being finalized and drilling contracts and shaft design are in progress for the project.
ExxonMobil was undeterred in its planning by military manoeuvres off Cyprus conducted by Turkey, which is opposed to natural gas exploration by the eastern Mediterranean island, claiming that the rights of Turkish Cypriots are being violated.
Cypriot sources said that Turkish naval ships carried out a half-day exercise using live munition southwest of Cyprus close to where Exxon-Mobil obtained a concession for drilling.
Negotiations for end the partition of Cyprus and integrate Turkish Cypriots into the Greek Cypriot-run government came to a standstill in July.
Aspray talked of the advantages of Cyprus, saying the island had a clear vision for its hydrocarbons resources, possible hydrocarbon deposits, a detailed knowledge of local geology and a dynamic economy.
He added that ExxonMobil, in association with Qatar Petroleum which is a partner in the project, would participate in building a natural gas liquefaction plant in Cyprus if gas finds warranted it.
Aspray also said that the proximity of the Cypriot exclusive economic zone to the mammoth Egyptian Zohr gas discovery offered significant exploration possibilities.
But he cautioned and said there is "still considerable uncertainty about drilling results, as geology can change significantly over short distances."
Cypriot Energy Minister Lakkotrypis said that Cyprus will soon announce the results of a drilling which was started almost two months ago by French Total, in association with Italian ENI, in a nearby Cypriot block.
